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28.01.202013:23 Forex Analysis & Reviews: Trading plan for EURUSD for January 28, 2020

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Technical outlook:

EURUSD has dropped to 1.1010/12 levels today. Currently, it is trading around 1.1018/20. Believe it or not, the drop in EURUSD was in line with our expectations when the single currency pair was trading near highs at 1.1240 around January 01, 2020. At the moment, the euro is trading close to a Fibonacci convergence and the Elliott Channel support around 1.1010/20 levels. The entire structure still remains constructive for bulls to continue rallying further while prices stay above 1.0879 support. The recent upswing was between 1.0879 and 1.1181 levels earlier. EURUSD has produced a complex corrective structure and probably it will end soon. Strong support is seen around the 1.0980/1.1010 zone and the probability for a bullish reversal remains extremely high. The upside targets remain intact towards 1.1500 and 1.1800 levels.

Trading plan:

Remain ling, stop @ 1.0879, target is towards 1.1500 and 1.1800.

Good luck!

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