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17.12.201909:33 Forex Analysis & Reviews: Trading plan for EUR/USD for December 17, 2019

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Technical outlook:

EUR/USD seems to be correcting lower towards 1.1050/60 levels, after having pushed through 1.1200 last week. The single currency pair seems to be fairly under control of bulls, and poised to push higher after a brief corrective drop to above levels. The recent boundary that is being worked upon is between 1.0981 and 1.1200 levels for now and fibonacci 0.618 retracement levels are also close to 1.1060 (not highlighted here). The EUR/USD pair is either expected to bounce back from 1.1050/60 to continue its uptrend or it might be looking to produce a more complex correction and re-test the 1.0981 lows before resuming higher. In either case, the overall bullish structure remains firmly intact until prices stay above 1.0879 support going forward. Trading point of view, it is safe to keep buying on any dips towards 1.1050 and through 1.0940/80 levels respectively. The upside potential targets remain unchanged for now and we should be well placed to witness rallies towards 1.1500 at least.

Trading plan:

Remain long and buy further on dips towards 1.1050, stop at 1.0879, target is above 1.1500.

Good luck!

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