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17.05.201808:20 Forex Analysis & Reviews: Trading Plan for EUR/USD for May 17, 2018

Long-term review

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Technical outlook:

The daily chart view has been again presented here in continuation with the discussion yesterday. EUR/USD dropped lower as expected, but a bit more than the 1.1790 levels before recovering sharply. The daily chart has produced a doji candlestick pattern, suggesting a potential change in the trend for a while. The currency pair is seen to be trading around the 1.1832 levels at this moment of writing and if this structure holds good, we should see the rally extending upto at least the 1.2030/50 levels. Please note that the pair can print lower low before beginning the counter trend rally as well, so please maintain strict risk management, trading against trend. Looking into the wave count, EUR/USD might have completed or it is about to complete the wave (3) as shown here. Once confirmed, it should move towards the wave (4) higher up.

Trading plan:

Look to sell on rallies towards the trend around the 1.2030/50 levels. Aggressive traders should be cautious if long maintaining strict risk management.

Fundamental outlook:

There is no major fundamental event lined up for the day.

Good luck!

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