Trading plan for EUR/USD for May 18, 2020

By | May 18, 2020
InstaForex
Trading plan for EUR/USD for May 18, 2020

Relevance up to 07:00 2020-05-20 UTC–5

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Technical outlook:

EUR/USD is seen to be trading around 1.0821/22 levels at this point in writing and is expected to breakout of trading range. It has been drifting sideways for a few weeks now and a breakout is imminent. Immediate resistance is seen towards 1.1020 levels and a break there would shift focus towards 1.1150 respectively. The recent boundary still remains between 1.0636 and 1.1150 respectively and bulls would remain inclined to print above 1.1150 to trigger a bullish breakout. The overall structure is expected to remain constructive for bulls until prices stay above 1.0636, going forward. EUR/USD has found interim support at 1.0730, which is close to fibonacci 0.618 retracement of the previous rally. Only a break below that would delay matters further, for bulls to push through 1.1500 handle.

Trading plan:

Keep up long, stop @ 1.0630, target is 1.1500.

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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