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18.02.201902:39 Forex Analysis & Reviews: Trading plan for EURUSD for February 18, 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 18.02.2019 analysis

Technical outlook:

An hourly chart for the EUR/USD pair has been presented to have a short-term wave structure. The single currency seems to have formed an ending diagonal labelled as 1,2,3,4, and 5 with the 5th wave potentially terminating on Friday at the 1.1233 levels. Furthermore, the rally continued at 1.1306 highs on Friday. It is seen to be trading around the 1.1300/05 levels at this moment and it is anticipated to print immediate highs around the 1.1310/20 mark which is Wave 4 Resistance of the proposed diagonal structure. Expect a dip after that towards the 1.1270 levels in order to test the back side of the diagonal resistance line, which would act as support. The rally could resume towards 1.1360 and higher levels after that. Overall, it seems that the EUR/USD bulls are determined to remain in control until the prices stay above the 1.1233 levels.

Trading plan:

Remain long now, add further around 1.1270/80, stop below 1.1233, target is open.

Good luck!

Oscar Ton
Analytical expert of InstaForex
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