For Traders

Analytical Reviews

Trading plan

16.08.201902:53 Forex Analysis & Reviews: Trading plan for EURUSD for August 16, 2019

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:

The euro continues to slide down for now with immediate highs still in place at 1.1240 levels. The drop from 1.1229 through 1.1090 yesterday could be seen as 5 waves at a lower degree. There could be a potential pullback towards 1.1160 before continuing further. Ideally, the direction remains bearish until prices remain below 1.1240 for now. An alternate scenario could be a quick rally towards 1.1260 (Fibonacci 0.618 resistance) and then a bearish reversal would continue. Price resistance remains intact at 1.1285/90 and 1.1412 respectively. A safe trading strategy would be to remain short and also be prepared to sell on rallies towards 1.1260 with a risk above 1.1290 mark. A drop below 1.1075 would be a confirmation of a continued downtrend and eliminate the alternate scenario.

Trading plan:

Remain short for now, stop remains at 1.1290, target is open below 1.1020

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.