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28.02.202012:40 Forex Analysis & Reviews: Trading plan for EUR/USD for February 28, 2020

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Technical outlook:

EUR/USD finally breaks into the buy zone of the intermediary resistance trend line. It is seen to be trading around 1.1028/30 levels at this point in writing. The pair seems to be poised to target 1.1095 immediately from here. Please note that a break of the trend line also suggests that a meaningful bottom is in place at 1.0778 for now and that bulls are in control. A break above 1.1095 proves that bulls are here to remain, and this rally is not corrective. The EUR/USD pair has also formed a huge Morning Star candlestick pattern on the weekly chart (not shown here) indicating a potential trend reversal ahead. Those traders who initiated long positions earlier can take partial profits above 1.1095 levels and wait for a pullback lower again. A long-awaited bull run might be at its early stages and has got enough room to rally above 1.1500/1.1800 and higher respectively.

Trading plan:

Remain long stop @ 1.0770, target is open.

Good luck!

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