FX.co ★ Trading plan for EUR/USD for May 07, 2020

Technical outlook:

EUR/USD has dropped lower beyond our expectations and is trading around 1.0784 levels at this point in writing. Immediate support is seen at 1.0730 levels, followed by 1.0636, while resistance should be strong at 1.1200 respectively. If EUR/USD drops below 1.0730, the fibonacci 0.88 retracement can provide a last support. The overall structure remains constructive for bulls until price stays above 1.0636 levels. According to the price action theory, a break above 1.1020 levels would trigger further buying and push prices higher towards 1.1500 levels. The recent boundary being worked upon is still between 1.0636 and 1.1150 respectively. A break on either side will decide further direction in EUR/USD.

Trading plan:

Remain long, stop at 1.0630, target is open.

Good luck!