For Traders

Analytical Reviews

Trading plan

09.12.201915:01 Forex Analysis & Reviews: Trading plan for EUR/USD for December 09, 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:

EUR/USD dropped to 1.1040 levels on Friday as it was presented here. At the moment, it is trading around 1.1077 and this might be a retracement before dropping further towards 1.1030 at least. Only a continued push above 1.1097 from here would nullify the possibility for another low and it would be a confirmation that the corrective drop was complete at 1.1040 last week. Until that happens, we would keep our options open for 1.1030 lows and even further towards 1.0940 levels, before EUR/USD bulls take control back. Having said that, the direction of trade remains bullish until prices stay above 1.0879 which is the low of October 01, 2019. Any further corrective drops may be taken as opportunities to build fresh long positions or add to existing longs and keep an upside target around 1.1500 levels. The key level for the above bullish scenario to remain intact is 1.0879 and only a break lower would cancel this. Support comes in at 1.0940 while resistance is at 1.1180 levels respectively.

Trading plan:

Remain long and add further around 1.1030/1.0940, stop at 1.0879, the target is 1.1500.

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.