empty
 
 
07.04.2021 12:03 PM
Trading plan for EURUSD for April 07, 2021

This image is no longer relevant

Technical outlook:

EURUSD has rallied swiftly as projected and discussed in the past few trading sessions. Bulls were successful in registering intraday highs close to 1.1890 mark as of today. With the FOMC minutes meeting scheduled at 02:00 PM EST, traders might be expecting some price action. We stick to the wave structure for the next potential move as EURO approaches resistance around 1.1890/1.1900 handle.

EURUSD is trading near day's highs around 1.1880/81 mark at this point of writing and bears might be poised to come back into action very soon. Immediate price resistance is seen towards 1.1985, followed by 1.2242 and higher, while support remains around 1.1700 levels respectively. The wave structure reveals that EURUSD might have either completed its corrective rally since 1.1704 lows or just first wave of a deeper correction.

Either way, EURUSD might be facing resistance around 1.1890/1.1900 zone as it is the fibonacci 0.382 retracement of the recent drop between 1.2242 and 1.1700 levels. High probability remains for at least a corrective drop towards 1.1750/70 zone, before the next leg could resume higher towards 1.2050 levels going further.

Trading plan:

Remain short, stop @ 1.2350, target @ 1.1600

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback