empty
 
 
18.11.2019 09:18 AM
Trading plan for EURUSD for November 18, 2019

This image is no longer relevant

Technical outlook:

EURUSD broke resistance at 1.1045 as discussed earlier. Now it is seen to be trading close to 1.1060 levels at this point in writing. It is highly likely that a potential bottom will be formed at 1.0991 just around the Fibonacci 0.618 retracement of previous rally between 1.0879 and 1.1180 respectively. Any intraday pullback or retracement should ideally stay above 1.0991 levels and bulls could be targeting the resistance at 1.1092 as shown here. On the flip side, if prices drop below 1.0991, it could further test 1.0940 support which is also Fibonacci 0.786 retracement of the above rally. In either case, EURUSD may rally above 1.1180 levels, and it remains to be seen if bulls can manage to hold above 1.0991. Judjing by the entire structure since 1.0879 lows, bulls are likely to be in control until prices stay above the October 01, 2019 lows at 1.0879.

Trading plan:

Remain long with stop at 1.0879, target is 1.1500

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 $8000 more!
    In March we raffle $8000 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