FX.co ★ Trading plan 02/13/2020 EURUSD. Euro hit 2019 lows

EURUSD broke below the October 2019 low at 1.0880 and consolidated below

Technically, the picture is unambiguous: a downward trend. Consolidating below the weekly level and the boundary of the long range.

Possible target: There is no support nearby. There is only a global upward trend line on the monthly chart - drawn through the lows of 2000 and 2017 - this is currently around 1.0700.

There is still a chance that the break down is false. Then we should see the euro sharply growing to 1.0990 in the near future.

Arguments against growth: The remaining major currencies - the pound, the yen and the franc - have not yet shown a strong movement in favor of the dollar.

Reason for the euro's fall on Wednesday: Very weak data on the eurozone economy.

Today at 12:30 London time - an important report on US inflation (CPI). This may affect the euro.

Possible rebound: According to the daily chart, the target of the rebound is 1.0980.

EURUSD: We keep sales from 1.0990.