FX.co ★ Trading plan for EURUSD for July 19, 2021

Technical outlook:

EURUSD might be very close to hitting its short-term projected targets around 1.1730/40 levels. Short-term traders are advised to book profits between 1.1740/60 levels as a counter trend rally might unfold anytime soon now. EURO might have carved a meaningful bearish boundary between 1.2266 and 1.1760/65 levels respectively.

EURUSD is seen to be trading near day's low around 1.1768 at this point in writing and might be very close to carving a meaningful bottom soon. The projected zone for support today is between 1.1720/40 and if prices managed to reach there EURUSD might produce a strong bullish reversal ahead. Immediate resistance is seen towards 1.1975, while support comes in around 1.1720 levels respectively.

The entire drop between 1.2266 and 1.1765 (recent low) could be retraced by a counter trend rally before resuming lower again. Bullish divergences are now beginning to be seen on several different time zones (not shown here), indicating a potential bullish bounce lasting for a few days.

Trading plan:

Book profits in short positions taken from 1.2250/60 levels earlier. Prepare to go long.

Good luck!