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29.07.201909:20 Forex Analysis & Reviews: Trading plan for EUR/USD for July 29, 2019

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Technical outlook:

The EUR/USD pair has retraced its rally from last Thursday by over 78%, and prices are seen trading around 1.1120 levels at this point in writing. Until prices stay above 1.1101 mark, the EUR/USD pair is poised to rally at least towards the 1.1220 resistance level. Please note that fibonacci 0.618 resistance, past support turned resistance zone and trend line resistance are seen to be converging around 1.1220 highlighted above. Immediate price resistance is seen towards 1.1282/90 levels and all intraday rallies should remain capped below that mark. As an alternative wave count, a break above the resistance trend line and price at 1.1282 levels could be indicating a bullish move for EUR/USD, potentially into the 1.1300 region. A noteworthy thing here is that EUR/USD made fresh lows at 1.1100 levels last week but the US Dollar Index failed to print a new swing high. This also indicated divergence and both pairs involved could be preparing for a medium term-trend change.

Trading plan:

Remain long with stop below 1.1100, target is 1.1220

Good luck!

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