FX.co ★ Trading plan for EUR/USD for April 08, 2019

Technical outlook:

The 4H chart has been presented today for a larger swing picture. After breaking above the immediate resistance line, the EUR/USD pair took out 1.1250 price resistance last week. Since then, the most popular currency pair has been drifting sideways in a potential triangle structure. This range needs to be taken out to decide the next course of action. It is possible that the current sideways movement could be wave iv at a lower degree within the impulse drop that began from 1.1448 levels earlier. Only a break above 1.1250 levels is likely to confirm that a meaningful bottom has been formed at 1.1181 levels at least for now and that EUR/USD is working on carving a lower high around 1.1340/50 levels. At this moment, we shall go with the probability of a counter trend rally in store and continue maintaining long positions. A break below 1.1181 levels would call for much lower levels going forward.

Trading plan:

Remain long with stop below 1.1181 levels, target 1.1340

Good luck!