empty
 
 
21.02.2020 02:35 PM
Trading plan for EUR/USD for February 21st, 2020

This image is no longer relevant

Technical outlook:

EUR/USD has been giving in to bears for the last 13 trading sessions from February 3rd, 2020. The entire drop from 1.1240 through 1.0780 can be the last leg within the ending diagonal structure on a larger time frame. Please note that prices found support at the Fibonacci 0.786 retracement of the previous rally between 1.0340 and 1.2555. A bullish reversal day can confirm that the drop is certainly completed and that the EUR/USD bulls are expected to remain in control. Please note that the drop from the 1.1095 level was very sharp. Hence, the recovery can also be the same since there is no resistance in the charts until the 1.1095 level. It is recommended to remain flat for now and wait for a bullish reversal signal in the daily chart before initiating long positions again. A potential engulfing bullish candlestick pattern is in progress. A day close above 1.0803 can confirm that.

Trading plan:

Remain flat for now. Wait for a bullish pattern to initiate long positions.

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