Trading plan for EUR/USD for June 05, 2020

Technical outlook:

EUR/USD has rallied towards 1.1370/80 today, inching closer to the projected target around 1.1500. The currency pair has pulled back a bit, trading around 1.1330 levels at this point in writing and could drop further towards 1.1190 before finding support. Please note the corrective drop could be used as an opportunity to initiate long positions again. Immediate resistance is seen towards 1.1500, while interim support comes in around 1.1200 respectively. Structurally, EUR/USD remains bullish until prices stay above 1.0630 support. The primary rally from 1.0636 through 1.1150 was retraced to fibonacci 0.786 around 1.0730 earlier. Since then, EUR/USD has been carving higher highs and higher lows towards the fibonacci extensions seen at 1.1348 (achieved) and 1.1469 respectively.

Trading plan:

Remain long with stop @ 1.0630 and target 1.1500.

Good luck!

Source: Trading plan for EUR/USD for June 05, 2020

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