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12.05.202012:26 Forex Analysis & Reviews: Trading plan for EUR/USD for May 12, 2020

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Technical outlook:

EUR/USD retraced lower yesterday before bouncing back from 1.0788 levels. The single currency pair is seen to be trading around 1.0821 levels at this moment of writing and is expected to push higher towards 1.1500 in the next few trading weeks. After this prolonged sideways trading activity between 1.0750 and 1.1100 levels, a breakout should be expected with a bias on the north side. Also note that the breakout is expected to be sharp after such sideways movement. Overall, bullish sentiment is expected to prevail until EUR/USD trades above 1.0636 levels. The corrective drop found support around fibonacci 0.786 levels around 1.0730 levels earlier. Ideally bulls should be inclined to remain in control and keep prices above 1.0730 levels, going forward.

Trading plan:

Remain long with stop at 1.0636 and target towards 1.1500

Good luck!

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