Trading plan for EUR/USD for May 16, 2019

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Technical outlook:

Yesterday, before pulling back, the EUR/USD prices dropped to support, just ahead of the 1.1175 levels. With overall outlook and trade direction not changing at all, we present a short-term bullish potential considering the risk/reward ratio offered. Please note that the prices found support just ahead of the 1.1175 levels. Moreover, EUR/USD bounced off the counter trend support line as presented here. Furthermore, the overall structure from the 1.1111 lows is clearly depicting a rising support constant resistance kind consolidation. Fibonacci convergence seen at the 1.1320 levels also indicates that the bulls may regain control one before the bears take over. Keeping all the above in mind, we expect an aggressive trading today, which is bullish until the prices stay above the 1.1170 levels. Please note that it is just a matter of time that EUR/USD has to break out of the consolidation between the 1.1260 resistance and the 1.1175 support.

Trading plan:

Aggressive: Long now @ 1.1200/10 stop at 1.1175, target at the 1.1320 levels.

Conservative: Flat.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Trading plan for EUR/USD for May 16, 2019

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