28.08.201904:26 Forex Analysis & Reviews: Trading plan for EURUSD for August 28, 2019

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Technical outlook:

The EUR/USD pair remains unchanged from what was discussed yesterday. With price action just below 1.1090 mark at this point in writing, we can expect short term/intraday rally through 1.1120 levels. At the same time, the euro is expected to remain well capped between 1.1165 levels since the drop from 1.1165 through 1.1086 seems to be in 5 waves. Ideally, a retracement can take prices towards 1.1120, before reversing lower again. On the flip side, a push above 1.1165 levels, would open doors for a re-test of 1.1240/50 and also probable push towards 1.1285/90 levels before turning lower again. Please note that a push higher towards 1.1250 would still keep the structure intact but may be delayed for a push below 1.1020 levels. Interim/potential price resistance remains at 1.1250 levels, followed by 1.1285/90 and higher respectively; while interim support remains intact at 1.1020/30 levels.

Trading plan:

Remain short, stop at 1.1412 target up to 1.0950

Good luck!

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