Trading plan for EUR/USD for June 08, 2020

Technical outlook:

EUR/USD had hit 1.1384 levels last week before pulling back. The single currency pair is seen to be trading below 1.1300 levels at this point in writing and is expected to continue lower towards 1.1200. Immediate support is seen around 1.1200, while resistance is fixed at 1.1385 respectively. A bullish bounce around 1.1200 would bring back bulls into play again before rallying towards 1.2850 and higher. Please note that EUR/USD faces major swing resistance at 1.1500 levels and a break above that is required to confirm a long-term trend reversal going forward. On the flip side, if the currency pair slips below 1.0870, it might threaten to break below 1.0636 respectively. Right now, if EUR/USD continues to drop lower, 1.1150 levels, which was past resistance may provide the required support.

Trading plan:

Take profits on long positions. Buy again @ 1.1200 and 1.1150, stop @ 1.0870, targeting @ 1.1500.

Good luck!

Source: Trading plan for EUR/USD for June 08, 2020

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