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15.08.201909:01 Forex Analysis & Reviews: Trading plan for EUR/USD for August 15, 2019

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Technical outlook:

The EUR/USD pair has failed to push above 1.1245 levels as expected. The bearish trend is likely to continue from here below 1.1020 levels. Immediate price resistance is still in place at 1.1285/90, followed by 1.1412 levels respectively. A safe strategy is to follow a trend. Therefore, selling on rallies is a preferable trading solution. The most popular currency pair is seen to be trading at 1.1150/55 levels at this point in writing and it could continue dropping lower from here. As an alternative scenario, if prices manage to break above 1.1230 levels, the pair could push through 1.1260 to test fibonacci 0.618 resistance, before dropping lower again. It is safe to open partial short positions at the current levels and the remaining around 1.1260 if prices manage to reach there with a risk above 1.1290 respectively. Only a break above 1.1412 levels would pose a threat to the current bearish outlook.

Trading plan:

Initiate partial short positions now and remaining at 1.1250 levels, stop at 1.1290, target below 1.1020.

Good luck!

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