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21.05.201907:06 Forex Analysis & Reviews: Trading plan for EURUSD for May 21, 2019

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Technical outlook:

The EUR/USD pair bottomed out close to 1.1150 levels yesterday before pushing ahead. It is seen to be trading around 1.1160 levels at this moment. The rally of the pair is expected through 1.1320 levels. A minimum push above 1.1180/85 levels would indicate that a meaningful bottom is in place and that higher highs and higher lows are on cards. The wave structure still remains constructive for bulls until prices remain above 1.1111 levels. A corrective rally A-B-C has been underway since 1.1111 earlier, of which waves A and B are in place already as labelled on chart here. If this structure holds, we can expect a Wave C rally towards 1.1320 levels, which is also converging with fibonacci 0.618 resistance of the drop between 1.1450 and 1.1111 levels respectively. A bearish reaction there would lower EURUSD to print below 1.1111 levels going forward.

Trading plan:

Remain long with stop at 1.1110 target 1.1320.

Good luck!

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