11.11.201908:37 Forex Analysis & Reviews: Trading plan for EUR/USD for November 11, 2019

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Technical outlook:

EUR/USD has dropped further as expected and printed lows at 1.1016 today. The single currency pair is seen to be trading close to 1.1022/24 levels at this point of writing and is expected to drop one last time towards 1.0995/1.1000 before turning bullish. Please note that that 61.8 fibonacci extension of the counter trend is seen at 1.1007, while fibonacci 0.618 retracement of the previous rally between 1.0879 and 1.1181 is seen at 1.0995 levels. A potential bullish reversal can be expected around these levels as fibonacci convergences are seen here. Furthermore, if the drop extended lower, the next support is seen at 1.0940 which is also a point of fibonacci convergence as seen on the chart here. In either case, EUR/USD is expected to find support close to 1.1000 handle or 1.0940/50 levels before the next bull run. It should be noted that risk remains at 1.0879 and that prices should stay above that to keep the bullish structure intact.

Trading plan:

Remain long against 1.0879, target is open.

Good luck!

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