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02.07.202003:22 Forex Analysis & Reviews: Trading plan for EURUSD for July 02, 2020

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Technical outlook:

EURUSD rallied yesterday to find resistance around 1.1275 level. The single currency pair is seen to be trading around 1.1250 level at the time of writing and is preparing to break below 1.1167 low. It has been drifting sideways within a potential triangle consolidation since 1.1167 low, and might terminate at 1.1275 yesterday. Immediate resistance is seen at 1.1350, followed by 1.1422, while interim support is seen at 1.1167 respectively. EURUSD is expected to drop towards 1.1000 and further as highlighted on the chart here. Trading point of view, it is good to sell on rallies, with risk above 1.1422.

Trading plan:

Remain short, stop @ 1.1422, target @ 1.1000 and lower.

Good luck!

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