05.11.201913:09 Forex Analysis & Reviews: Trading plan for EUR/USD for November 05, 2019

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Technical outlook:

Today we have our focus on the short-term chart since October 01, 2019 lows at 1.0879 till 1.1180 respectively. The EUR/USD pair seems to have completed its first bullish leg with around 300 pips rally. It could be possible that a corrective drop may be under way. According to the fibonacci retracement levels displayed above, the support range for the corrective drop to terminate could be between 1.1000 and 1.1060 levels i.e between fibonacci 0.618 and 0.382 supports respectively. An ideal level could be 1.1000 since it also coincides with the past resistance which has turned into support. Please note that the current weakness should be short-lived and should be taken as just a correction. Besides, note that this corrective drop could be seen as yet another opportunity to initiate long positions with an upside potential target through 1.1500 levels going forward. The best strategy for EUR/USD remains to buy on dips for medium to long term against 1.0879 levels.

Trading plan:

Look to buy again between 1.1065 and 1.1000 levels against 1.0879.

Good luck!

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