18.10.201908:22 Forex Analysis & Reviews: Trading plan for EUR/USD for October 18, 2019

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Technical outlook:

The EUR/USD pair has finally rallied through 1.1110 levels printing an intraday high at 1.1139, before pulling back. Before we proceed to discuss any further price action, it is safe to exit all long positions taken earlier since the lows had been formed at 1.0879 levels earlier. Now looking at the wave structure, a major resistance has been taken out at 1.1110 as expected. Ideally, a pullback could be due from yesterday's highs at 1.1139 or close to it. The boundary which could be worked upon is between 1.0879 through 1.1139 respectively. As highlighted here, the fibonacci support begins from 1.1040 and spreads through 1.0940 levels respectively. Ideally, the euro is expected to drop lower in a corrective structure, taking prices towards 1.0980 levels, which is fibonacci 0.618 support. Trading point of view, aggressive traders might want to initiate short positions against 1.1140, while conservative approach would be to remain flat and wait for the correction to get over. Please note that EUR/USD is poised for a deeper rally possibly through 1.1450/1.1500, going forward.

Trading plan:

Aggressive traders may sell with stop just above 1.1140

Conservative traders please remain flat.

Good luck!

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