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24.02.202014:05 Forex Analysis & Reviews: Trading plan for EUR/USD for February 24, 2020

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Technical outlook:

EUR/USD retraced up to 61.8% of the rally on Friday. The single currency pair has formed a bottom at 1.0805 and is seen to be trading at around 1.0824 at this point in time. A bullish reversal here has got potential to push through 1.1000 levels as highlighted here. It is quite possible that a potential bottom was formed on Friday at 1.0777 levels and that EUR will be printing higher highs and higher lows from here on. We need to see a following move through from here to confirm a bullish reversal. There is enough evidence to suggest a potential reversal. So, a break above 1.1095 resistance will confirm this. Aggressive trade setup could suggest to initiate long positions from here with a risk below 1.0770. Please note that the overall bullish structure remains valid and could push the price towards 1.1400/1.1500 levels at least.

Trading plan:

Remain long @ 1.0818/20, stop @ 1.0775, target is 1.1500

Good luck!

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