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10.07.202003:35 Forex Analysis & Reviews: Trading plan for EURUSD for July 10, 2020

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Technical outlook:

EURUSD reversed sharply from yesterday's peak around 1.1365/70 as expected. The single currency pair is seen to be trading around 1.1273 at this point in writing and could complete its first leg around 1.1250/60 soon. Any intraday rallies from here should remain well capped below 1.1365/70 and EURUSD should continue printing new lows and lower highs. Only a break above 1.1365 would change the structure. Immediate resistance will be at 1.1365/70, while support is around 1.1250/60 respectively. Trading point of view, it might be considered safe to sell on rallies with risk at 1.1365.70.

Trading plan:

Remain short for now, stop @ 1.1400, target @ 1.0930 and lower.

Good luck!

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