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17.07.202003:23 Forex Analysis & Reviews: Trading plan for EUR/USD for July 17, 2020

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Technical outlook:

EUR/USD has dropped from 1.1450 and is seen to be trading around 1.1380 levels at this point in writing. The single currency pair has also managed to carve a lower high at 1.1442 levels yesterday before turning lower. The minimum expected drop is towards 1.1250/60, but it can continue further towards 1.1167, initial support. Also note that 1.1167 is the fibonacci 0.382 retracement of the recent rally between 1.0775 through 1.1450 respectively. If EUR/USD manages to drop towards 1.1167, we can expect a counter trend rally before the next drop towards 1.1000 levels. Besides, note that the previous resistance which turned into support is also seen towards 1.1000 along with the fibonacci 0.618 support of the above rally.

Trading plan:

Aggressive: Holding short from @1.1400, add more @ 1.1480/90, stop @ 1.1550 and target @ 1.1167

Conservative: Flat for now, looking to sell higher @ 1.1500.

Good luck!

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