Trading plan for EUR/USD for February 05, 2020

By | February 5, 2020
Trading plan for EUR/USD for February 05, 2020

Relevance up to 06:00 2020-02-07 UTC–8


Technical outlook:

EUR/USD rallied last week up to 1.1095 only to face resistance at the back of the support trend line as seen here. The single currency pair has backed off since then and is trading close to 1.1010 levels at this point in writing. One can expect a pullback rally towards 1.1060 levels from here, before EUR/USD reverses lower towards 1.0950. The entire structure still remains bullish until prices stay above the 1.0879 lows/support formed in October 2019. The complex corrective structure seems to be into its last wave lower and might find support around 1.0950 levels. Please note that fibonacci 0.786 retracement of the entire previous rally is also seen at 1.0956. I expect EUR/USD to form the bottom around the 1.0940/50 zone before the rally could resume towards 1.15. The bottom line remains that prices should stay above 1.0879 levels, to keep the above bullish structure, intact.

Trading plan:

Remain long and buy more @ 1.0940/50, stop @ 1.0879, target is 1.15 and higher.

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Oscar Ton,
Analytical expert
InstaForex Group © 2007-2020

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