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18.11.201909:18 Forex Analysis & Reviews: Trading plan for EURUSD for November 18, 2019

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Technical outlook:

EURUSD broke resistance at 1.1045 as discussed earlier. Now it is seen to be trading close to 1.1060 levels at this point in writing. It is highly likely that a potential bottom will be formed at 1.0991 just around the Fibonacci 0.618 retracement of previous rally between 1.0879 and 1.1180 respectively. Any intraday pullback or retracement should ideally stay above 1.0991 levels and bulls could be targeting the resistance at 1.1092 as shown here. On the flip side, if prices drop below 1.0991, it could further test 1.0940 support which is also Fibonacci 0.786 retracement of the above rally. In either case, EURUSD may rally above 1.1180 levels, and it remains to be seen if bulls can manage to hold above 1.0991. Judjing by the entire structure since 1.0879 lows, bulls are likely to be in control until prices stay above the October 01, 2019 lows at 1.0879.

Trading plan:

Remain long with stop at 1.0879, target is 1.1500

Good luck!

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