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05.05.202009:31 Forex Analysis & Reviews: Trading plan for EUR/USD for May 05, 2020

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Technical outlook:

EUR/USD has been retracing lower from 1.1020 which is the last week's high. The correction might find support near 1.0800 levels, marked as an ellipse on the chart here. Also the back side of resistance trend line will act as support since EUR/USD has earlier broken into the buy zone. Ideally, prices should stay above 1.0730 levels, which is intermediate support. The recent boundary which is being worked upon is between 1.0730 and 1.1150 respectively. Please wait for a bullish turn around 1.0800 levels to enter on the long side again. Also note that overall EUR/USD remains bullish as 1.0636 low is intact. Only a drop below that levels would be considered as further bearish for the euro. The upside targets remain intact towards 1.1500 and 1.1600 levels which are a strong resistance zone as well.

Trading plan:

Remain long, add further around 1.0800, stop @ 1.0636, target is 1.1500

Good luck!

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