09.12.201915:01 Forex Analysis & Reviews: Trading plan for EUR/USD for December 09, 2019

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Technical outlook:

EUR/USD dropped to 1.1040 levels on Friday as it was presented here. At the moment, it is trading around 1.1077 and this might be a retracement before dropping further towards 1.1030 at least. Only a continued push above 1.1097 from here would nullify the possibility for another low and it would be a confirmation that the corrective drop was complete at 1.1040 last week. Until that happens, we would keep our options open for 1.1030 lows and even further towards 1.0940 levels, before EUR/USD bulls take control back. Having said that, the direction of trade remains bullish until prices stay above 1.0879 which is the low of October 01, 2019. Any further corrective drops may be taken as opportunities to build fresh long positions or add to existing longs and keep an upside target around 1.1500 levels. The key level for the above bullish scenario to remain intact is 1.0879 and only a break lower would cancel this. Support comes in at 1.0940 while resistance is at 1.1180 levels respectively.

Trading plan:

Remain long and add further around 1.1030/1.0940, stop at 1.0879, the target is 1.1500.

Good luck!

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