empty
 
 
16.05.2019 08:20 AM
Trading plan for EUR/USD for May 16, 2019

This image is no longer relevant

Technical outlook:

Yesterday, before pulling back, the EUR/USD prices dropped to support, just ahead of the 1.1175 levels. With overall outlook and trade direction not changing at all, we present a short-term bullish potential considering the risk/reward ratio offered. Please note that the prices found support just ahead of the 1.1175 levels. Moreover, EUR/USD bounced off the counter trend support line as presented here. Furthermore, the overall structure from the 1.1111 lows is clearly depicting a rising support constant resistance kind consolidation. Fibonacci convergence seen at the 1.1320 levels also indicates that the bulls may regain control one before the bears take over. Keeping all the above in mind, we expect an aggressive trading today, which is bullish until the prices stay above the 1.1170 levels. Please note that it is just a matter of time that EUR/USD has to break out of the consolidation between the 1.1260 resistance and the 1.1175 support.

Trading plan:

Aggressive: Long now @ 1.1200/10 stop at 1.1175, target at the 1.1320 levels.

Conservative: Flat.

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 $9000 more!
    In May we raffle $9000 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