FX.co ★ Trading plan for EUR/USD for February 22, 2019

Technical outlook:

An hourly chart view for EUR/USD has been presented here for the short-term wave structure. The EUR/USD pair is showing some resilience and it is not going to give up the 1.1300/20 handle to bears. With prices moving in a tight range between 1.1320 and 1.1360 levels since the last 2 trading sessions, the most likely wave count could be of a potential flat or gartley. In that case, prices should drop swiftly towards 1.1385/90 handle before turning higher again. Please also note that there is a fibonacci convergence around 1.1288 levels and 1.1300 levels respectively. A bullish bounce is expected but it is still too early to confirm a change in trend for longer time. It is therefore suggested to play short cycles or swings until the medium-term trend becomes more clear. As discussed yesterday, an immediate move could be lower towards 1.1285/90 before prices turn higher. Immediate price support is seen at 1.1275 while resistance is at 1.1370 levels for now.

Trading plan:

Aggressive traders remain short with stop at 1.1371 targeting 1.1290. Conservative traders remain flat for now and look to buy lower around 1.1290 levels against 1.1233.

Good luck!