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09.07.202003:07 Forex Analysis & Reviews: Trading plan for EURUSD for July 09, 2020

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Technical outlook:

EURUSD hit swing highs around 1.1351 before pulling back overnight. The single currency pair is seen to be trading around 1.1334 at this point in writing and might reverse lower. Please note that EURO wave structure remains bearish until prices stay below the 1.1420 level. Immediate resistance is 1.1420, while support is around 1.1266 respectively. Also note that EURUSD is re-testing the Fibonacci 0.618 retracement of the drop between 1.1420 and 1.1167. A bearish bounce remains possible from current levels. The downside targets are 1.1068 and 1.1008 respectively. Trading point of view, traders may open short deals with risk above 1.1420.

Trading plan:

Remain short, stop @ 1.1420, target @ 1.1008

Good luck!

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