Trading plan for EUR/USD on May 29, 2020

Technical outlook:

EUR/USD printed an intraday high around the 1.1150 level and pulled back sharply. The overall trend looks encouraging for bulls but we can expect a short corrective drop as shown on the chart. The recent boundary which is being worked upon is between 1.0870 and 1.1150. A 61.8% drop would bring EUR/USD to the 1.0975 level as you can see on the chart. We can expect a bullish bounce there. The uptrend may resume. Furthermore, the past resistance turned into support. It can also be seen near 1.0975. It is highly possible that the level could become a reversal zone. Looking at the overall structure, EUR/USD is expected to remain under control of bulls until it hits 1.0636.

Trading plan:

Remain long, stop is at 1.0630, target is at 1.1500

Good luck!

Source: Trading plan for EUR/USD on May 29, 2020

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