empty
 
 
27.05.2019 08:38 AM
Trading plan for EURUSD for May 27, 2019

This image is no longer relevant

Technical outlook:

The EURUSD is expected to face resistance off the fibonacci 0.618 of the resent downswing between 1.1260 through 1.1107 levels as presented here. Furthermore, the trend line resistance is also seen to be passing through 1.1210/15 zone at this moment, which should act as a potential bearish reversal. Immediate price resistance is strong at 1.1260 levels and till the time it remains intact, bears are expected to take control back, push prices lower below 1.1107 levels. Please note that potential target lower should be towards 1.0900 levels at least, before bulls take over. Hence it is favored to remain short as discussed last week with a risk/stop just above 1.1260 levels. On the other side, if bulls manage to break above trend line resistance and subsequently take off 1.1260 levels, it would be a confirmation that a meaningful bottom is in place and that the trend is reversing. We shall take note of the situation as it unfolds.

Trading plan:

Remain short @ 1.1200 stop at 1.1260 target below 1.1107.

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback