19.03.201903:45 Forex Analysis & Reviews: Trading plan for EUR/USD for March 19, 2019

Long-term review

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Technical outlook:

The 4H chart presented here indicates that the EUR/USD pair is clearly showing quite a bit of resilience and the bulls are determined to break through the initial resistance seen at the 1.1420 levels. As we have been discussing since last week, the EUR/USD pair seems to have bottomed at the 1.1175 levels on March 07, 2019. It has been drawing higher highs and higher lows since then and at lower degrees, one can count a potential impulse wave probably into its last wave higher. If the above count is complete, the EUR/USD pair is set to complete the wave 1 around the 1.1400/20 levels as highlighted here. It is more likely to take out resistance at 1.1420 than drop lower to the 1.1240 levels. Interim support can be taken at the 1.1175 levels for now, and till it remains in place, we will have a meaningful bottom. Look towards higher levels in the nearest future.

Trading plan:

Aggressive traders, remain long with a stop loss order at 1.1240 and a target above 1.1420.

Conservative traders, remain flat.

Good luck!

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