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FX.co ★ Trading plan for EUR/USD for May 04, 2020

Trading plan for EUR/USD for May 04, 2020

Trading plan for EUR/USD for May 04, 2020

Technical outlook:

EUR/USD had rallied through 1.1019 highs last week before pulling back lower again. An intermediary resistance at 1.0990 levels has been taken out as well and hence a corrective drop was expected. Please note that recent upswing is between 1.0730 and 1.1019 respectively and the fibonacci 0.618 retracement is seen towards 1.0837 levels. A drop to those levels would attract good support and EUR/USD may resume its rally towards 1.1500 thereafter. Further, EUR/USD can drop to test the back side of resistance trend line below 1.0800 levels, which should act as support now. A bullish reversal there remains high probability for the next leg higher towards 1.15/1.16.

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Trading plan:

Remain long, stop below 1.0636, target is 1.1500

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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