FX.co ★ Trading Plan for EUR/USD for March 22, 2018

Technical outlook:

The EUR/USD pair continues to drift sideways after hitting the back side of the trend line and resistance zone at 1.2445/46 levels earlier. Please note that the pair might have already formed a meaningful top at 1.2555 levels earlier, which has been labeled as major resistance on the 4H chart depicted above. The sequence of moves after that shows enough proof of the same after breaking below the trend line support and price support at 1.2200/05 levels respectively. The only probability seen at this point in time is that the pair might be producing a more complex correction and push or test 1.2445 levels before reversing sharply lower. It is indeed a matter of time to wait till the pattern unfolds clearly to seriously commit to trade towards either direction. The long-term bigger picture should remain inclined lower till prices stay below 1.2555 levels as discussed earlier.

Trading plan:

Aggressive traders may want to remain short from earlier levels with risk above 1.2555 levels.

Fundamental Outlook:

There are no major fundamental events lined up for the day.

Good luck!