01.10.201907:58 Forex Analysis & Reviews: Trading plan for EUR/USD for October 01, 2019

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Technical outlook:

As discussed yesterday, the EUR/USD pair is preparing for a potential bullish reversal from close to 1.0880 levels. The hourly chart presented above shows lower degree counts within the 5th of 5th wave, within Wave C of a larger A-B-C drop that began from 1.2555 in February 2018. Today's low could be a major one in the coming weeks to months. We are expecting a minor low below 1.0882 levels before a swift bullish reversal occurs. The first resistance at 1.0960 should be taken out as a confirmation of the above wave structure. Furthermore, also watch for the immediate resistance trend line to break, to enter long positions. The EUR/USD pair is trading at 1.0887 levels at this point in writing, just a few pips away from yesterday's lows. Be ready for a potential bullish reversal ahead.

Trading plan:

Aggressive traders remain ling against 1.0880. Conservative traders go long from another low below 1.0882 levels against 1.0800.

Good luck!

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