empty
 
 
08.01.2020 08:38 AM
Trading plan for EUR/USD for January 08, 2020

This image is no longer relevant

Technical outlook:

EUR/USD is in a corrective phase since printing fresh highs at 1.1240 on December 31, 2019. The projected targets for above correction is towards 1.1017 as highlighted here. Please note that prices are converging around 1.1017; the fibonacci 1.618 extension of corrective drop and fibonacci 0.618 retracement of earlier rally between 1.0879 through 1.1240 respectively. A bullish bounce there remains higher probability. Looking at the overall structure, bulls are expected to remain in control until prices stay above 1.0879 levels. Also note that in case of a further correction, EUR/USD may reach up to 1.0940 levels before turning bullish again. In either case, I expect a short-term bearish move towards 1.1017 or 1.0940 levels before the uptrend could resume further. As discussed earlier, the upside projections remain towards 1.1500 and 1.1800 for now.

Trading plan:

Aggressive traders may sell with stop above 1.1210, target 1.1017

Conservative traders may remain flat for now and look to go long at 1.1017, stop at 1.0879 target is 1.1500 at least.

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Oscar Ton
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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