For Traders

Analytical Reviews

Trading plan

17.06.202013:17 Forex Analysis & Reviews: Trading plan for EUR/USD for June 17, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook:

EUR/USD is consolidating after hitting highs above 1.1400 mark last week. There is still room left for another push higher towards 1.1500 before pulling back lower. The short-term support zone is around 1.1180/1.1200 levels, if prices manage to reach there. Immediate resistance is seen at 1.1500, while support is around 1.0870 (price action) levels respectively. A break above 1.1500 would confirm that bulls are completely under control and that they are here to stay for long. The single currency is seen to be trading around 1.1250 levels at this point in writing and is expected to rally towards 1.1500 levels, in the short term. Only a drop below 1.0870 would delay matters further and change the bullish structure.

Trading plan:

Remain long, stop changed to 1.0870, target @ 1.1500

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.