02.08.201902:40 Forex Analysis & Reviews: Trading plan for EURUSD for August 02, 2019

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Technical outlook:

The EUR/USD pair has begun retracement after printing lows yesterday from just above 1.1020. As discussed earlier, the retreat from 1.1412 through 1.1193 has seen support just below the Fibonacci extension levels depicted on the chart above. Price should find the Fibonacci resistance beginning from 1.1124 and move up to 1.1185 as shown here. The immediate price resistance is now at 1.1182, and bulls need to break above it to confirm an interim bottom in place at 1.1027 yesterday. We would like to remain flat for now until further price action clarification, but aggressive traders might want to go short with risk above 1.1185. On the flip side, a push lower from here would provide opportunities to go long again targeting above 1.1182.

Trading plan:

Aggressive traders remain short with a stop above 1.1182 targeting lower levels.

Conservative traders remain flat for now.

Good luck!

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