11.04.201906:23 Forex Analysis & Reviews: Trading plan for EUR/USD for April 11, 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.

Technical outlook:

The EUR/USD pair remains unchanged in terms of the price action for now. Yesterday, the prices dropped sharply to the 1.1230 levels before trading higher again around the 1.1275/80 levels, just below the Fibonacci 0.382 resistance level. Please note that resistance is currently around the 1.1285 levels and the prices are expected to turn lower from here or from the 1.1430/50 levels which are also Fibonacci 0.618 resistance levels. The wave structure also remains unchanged from what has been discussed earlier with Wave 1 being labelled as a drop between the levels of 1.1448 and 1.1181 and Wave 2 labelled at the 1.1380/85 levels, respectively. In adition, please note that Wave 2 could still extend higher towards the 1.1340/50 levels before the prices give in to bears again. It remains clear that until the prices stay below the 1.1448 levels, bears are going to be in control and the prices are expected to push towards the 1.0900 levels going forward.

Trading plan:

Remain short for now and sell more towards the 1.1340/50 levels with the stop at 1.1448, respectively.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.