13.11.201909:05 Forex Analysis & Reviews: Trading plan for EUR/USD for November 13, 2019

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Technical outlook:

The EUR/USD pair has been inching closer to the 1.0995 potential support, with each day passing. The single currency pair is seen to be trading at around 1.1013 at this point in writing and might have either formed a low at 1.1003 yesterday or drop to 1.0995 today. In either case, EUR/USD bulls should be very close to resume their rally towards 1.1500 levels at least. Please note that the following convergences are seen around 1.0995 levels: 1. The fibonacci 0.618 retracement of the rally between 1.0879 and 1.1180 levels respectively. 2. The past resistance turned into the support zone 3. The previous price support seen at 1.0994 levels. 4. Fibonacci 0.618 extension of the counter trend drop has already reached 1.1007. With the above convergences seen, we can expect a sharp bullish reversal if prices drop to 1.0995 levels. Besides, note that immediate price resistance is seen at 1.1045, so breaking above those levels would bring bulls back into play.

Trading plan:

Remain long against 1.0879, add more at 1.0995, target above 1.1180, up to 1.1500

Good luck!

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