empty
 
 
23.10.2019 08:37 AM
Trading plan for EURUSD for October 23, 2019

This image is no longer relevant

Technical outlook:

The EUR/USD pair continues its rally having retraced to expected levels again. Please, watch for intraday support to come in towards 1.1100 levels and then a little retracement from these levels. Also keep in mind that the pullback can dig in a little lower towards 1.1085 levels as well. Consider these dips as opportunities to initiate long positions against 1.0879 (major support0 or at least 1.0940 levels with a potential target above 1.1250 levels in the short term. Also note that previous resistance is also at 1.1250 as indicated on chart and bulls should remain poised to take out those highs before pulling back. The EUR/USD rally has still got enough steam to proceed towards 1.1450/1.1500 levels in the medium term. Hence, buying on dips remain a favorable trading strategy. In case a meaningful short term top is in place at 1.1180 levels, a deeper retracement could occur towards 1.1000 levels as well. However, we should expect a corrective phase so that the pair may resume bullish mometum.

Trading plan:

Remain long from 1.1110/20 and buy more at lower levels, stop at 1.0879, target is 1.1250. 1.1450.

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