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02.04.202014:38 Forex Analysis & Reviews: Trading plan for EUR/USD for April 02,2020

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Technical outlook:

EURUSD is still retracing and is trading around the 1.0900 levels at this point in writing. A 1H chart view has been presented today to have a closer look at potential support levels after the weekly picture seen yesterday. Overall structure looks constructive for bulls against the 1.0636 lows, with immediate upside potential towards 1.1500 resistance levels. Please note that support should come within the rectangle marked on the chart between 1.0890 and 1.0830 levels. which are also fibonacci 50% and 0.618 retracements respectively. Furthermore, the past resistance turned support zone is also seen towards 1.0890 levels. A bullish bounce can be expected there and EURUSD is likely to rally above 1.1500 mark thereafter. Trading point of view, it is still good to remain on the long side and add further towards 1.0830 levels with risk at 1.0636 levels.

Trading plan:

Remain long and add further between 1.0830//90, stop @ 1.0636 and target above 1.1500

Good luck!

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