FX.co ★ Trading plan for EURUSD for August 23, 2019

Technical outlook:

The EUR/USD pair seems to be ready to push for yet another low close to 1.1020 levels. The single currency pair is trading around 1.1070/75 at this moment of writing, and another low looks possible before a pullback. If the prices should remain below 1.1160/70 levels, our scenario is likely to come true. We are looking for a final A-B-C drop for EUR, before a pullback can occur. Looking from the drop from 1.1250 levels, wave A seems to be ready to terminate soon near 1.1020 before wave B pullback rally could begin. All the above scenario remains valid until prices stay below 1.1412 resistance; however a break above 1.1412 would confirm that an important short-term low has been formed at 1.1020 and that prices could rally in the near term. Selling on rallies remains to be the preferred trading strategy against 1.1285/90 levels.

Trading plan:

Remain short for now, stop above 1.1285/90, target below 1.1020 levels.

Good luck!