For Traders

Analytical Reviews

Trading plan

22.02.201908:00 Forex Analysis & Reviews: Trading plan for EUR/USD for February 22, 2019

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook:

An hourly chart view for EUR/USD has been presented here for the short-term wave structure. The EUR/USD pair is showing some resilience and it is not going to give up the 1.1300/20 handle to bears. With prices moving in a tight range between 1.1320 and 1.1360 levels since the last 2 trading sessions, the most likely wave count could be of a potential flat or gartley. In that case, prices should drop swiftly towards 1.1385/90 handle before turning higher again. Please also note that there is a fibonacci convergence around 1.1288 levels and 1.1300 levels respectively. A bullish bounce is expected but it is still too early to confirm a change in trend for longer time. It is therefore suggested to play short cycles or swings until the medium-term trend becomes more clear. As discussed yesterday, an immediate move could be lower towards 1.1285/90 before prices turn higher. Immediate price support is seen at 1.1275 while resistance is at 1.1370 levels for now.

Trading plan:

Aggressive traders remain short with stop at 1.1371 targeting 1.1290. Conservative traders remain flat for now and look to buy lower around 1.1290 levels against 1.1233.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.