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26.02.202007:21 Forex Analysis & Reviews: Trading plan for EURUSD for February 26, 2020

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Technical outlook:

EURUSD continues to print new highs and lows since February 20, 2020. A morning star bullish reversal pattern is being formed on the weekly chart which indicates a potential reversal. The pair is likely to move up to 1.1000 level before a pullback. Also note that the resistance level is seen at 1.1095 and a break higher would confirm a long term trend reversal. The overall wave structure still remains bullish as EURUSD managed to find support at the Fibonacci 0.786 retracement of the previous rally between 1.0340 and 1.2555 levels respectively. Please note the potential upside target is 1.1500 and higher provided that the prices remain above the 1.0778 level.

Trading plan:

Remain long with stop at 1.0778, target is open.

Good luck!

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