04.11.201913:49 Forex Analysis & Reviews: Trading plan for EUR/USD for November 04, 2019

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Technical outlook:

The EUR/USD pair continues to trade just below 1.1180 levels for the latest 2-3 trading sessions. Possibilities remain on both sides for now but upside looks limited towards 1.1250 at the moment. After having taken out resistances at 1.1110 and 1.1125 respectively, a corrective drop would be considered more as more probable output, before the rally resumes higher. Keeping the above fact in mind, it is still recommended to take profits on long positions taken earlier and for a corrective drop to materialize before going long again. The fibonacci 0.618 retracement/support is seen at near 1.1000 levels and it is also converging with the past resistance turned support zone as marked here. Besides, note that the backside of the past resistance trend line also coincides at around 1.1000 levels. A price drop there and a subsequent bullish reversal is most likely to produce the required extended rally towards 1.1450/1.1500 levels going forward.

Trading plan:

Waiting for a corrective drop towards 1.1000/50 levels to go long again.

Good luck!

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