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12.02.201907:19 Forex Analysis & Reviews: Trading plan for EUR/USD for February 12, 2019

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 12.02.2019 analysis

Technical outlook:

We have presented the Daily chart for EUR/USD since September 24, 2018 till current date, to have a larger view of the potential swing. As seen here, EUR/USD formed interim support at 1.1215 levels on November 12, 2018 and since then it has been producing a very complex corrective and sideways price action. We have simplified the swing here into 2 parts: The rally between 1.1215 and 1.570 levels is considered as the recent swing that is being worked upon. Further, the subsequent drop from 1.1570 through 1.1268 can be viewed as a corrective drop. Please also note that the correction has stalled at a fibonacci 0.786 retracement of the previous swing discussed here. If prices remain above 1.1215 levels going further, and a bullish reversal is seen around current price action, the EUR/USD bulls shall be back in play and push prices higher towards 1.1800 levels.

Trading plan:

Initiate fresh longs between 1.1260/80, stop below 1.1215, target is 1.1800.

Good luck!

Oscar Ton
Analytical expert of InstaForex
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