The euro-dollar’s short-term trend reversed to the upside last week: the Intermediary zone 1.1324 – 1.1315 was broken out. The next growth target was the upper target zone 1.1421 – 1.1403.
Upon reversal, the euro corrected and tested the area of profitable prices to buy at 1.1310 – 1.1258. We saw buyers react to the test of that area by the closure of the past week, and the price grew. However, the growth stopped at local resistance of 1.1313 – 1.1309. For the uptrend to continue, the price must break through this resistance. If it does, the first buying target will be level 1.1352, and the next target will be the upper target zone.
Friday’s low will likely be updated if the local resistance of 1.1313 – 1.1309 isn’t broken out. In this scenario, the Intermediary zone 1.1268 – 1.1258 might be broken, and the short-term trend might reverse downward.
Trading plan for EURUSD for today:
- Buy if level 1.1313 is broken out.
- TakeProfit: 1.1350, Target zone 1.1421 – 1.1403.
- StopLoss: 1.1296.
- Sell on a retest if level 1.1258 is broken out.
- TakeProfit: Target zone 1.1178 – 1.1161.
- StopLoss: 1.1286.
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