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14.07.202002:27 Forex Analysis & Reviews: Trading plan for EURUSD for July 14, 2020

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Technical outlook:

EURUSD rallied through 1.1374 level yesterday before pulling back. The rally could be seen as the termination of counter trend since 1.1167. Looking into the wave structure, EURUSD had carved a bearish boundary between 1.1420 and 1.1167. The corrective rally was complex as it took some time to finally terminate around Fibonacci 0.786 yesterday. The single currency pair is seen to be trading around 1.1340 level at this point in writing. It is likely to continue its downward movement. The bearish structure discussed earlier remains in force until EURUSD stays below 1.1420 level. Trading point if view is to remain bearish with risk at 1.1420 for now. The downside potential is seen towards 1.1008 and 1.0754 respectively.

Trading plan:

Remain short, stop above 1.1420, target is 1.0754.

Good luck!

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