FX.co ★ Trading plan for EURUSD on 07/10/2019

Today at 15:00 London time, the main event of the week is the performance of the Fed Chairman Powell in Congress (the second speech will be on Thursday, also at 15:00 London time).

The market widely expects that the Fed will reduce the rate by 0.25% in July this year. However, further, there is no certainty: the market believes that the most likely decline is 0.6% by the end of the year.

The question for today: will the head of the Fed understand that he is ready to reduce the rate?

EURUSD: We expect a turn upwards.

Buy at a break up of 1.1235 and then 1.1325.

Alternative: Sell from 1.1180.