25.10.201908:43 Forex Analysis & Reviews: Trading plan for EUR/USD for October 25, 2019

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Technical outlook:

The EUR/USD correction from 1.1180 levels might have been completed at 1.1100 or would complete around 1.1085 levels. The 50% retracement of the rally between 1.0990 and 1.1180 is at 1.1085. A bullish turn could be expected most likely if prices manage to reach there. Looking at the wave structure, EUR/USD bulls should remain poised to push through 1.1250 levels in the short term with prices staying above 1.0990 levels. Please also note that the previous resistance is seen through 1.1250, while major support is at 1.0879 which could be confirmed as a meaningful bottom formation. Depending on which recent upswing is being worked upon, we can expect a bullish reversal from either the current levels or through 1.0990 levels (in case a larger retracement is under way). In either case, the bullish outlook and structure shall remain valid until prices stay above 1.0879 levels going forward.

Trading plan:

Remain long and add further on dips, stop at 1.0879 and target 1.1250, 1.1450 and higher.

Good luck!

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