empty
 
 
04.03.2019 06:54 AM
Trading plan for EUR/USD for March 04, 2019

This image is no longer relevant

Technical outlook:

The 4H chart for EUR/USD has been presented here for a medium-term wave structure. The EUR/USD pair hit 1.1420 levels last week, probably completing an impulse (5 waves) rally from 1.1235 levels. Ideally a 3-wave corrective drop could be underway, which could push prices lower towards 1.1330 or even around 1.1300/05 levels respectively. Please note that fibonacci convergence is seen at 1.1328 and 1.1270 levels which are the 50% and 78.6% retracements of the previous rally. If prices unfold as above, we should see a corrective drop terminating at above levels before the rally resumes towards 1.1500, 1.1700 and 1.1800 levels respectively. Please note that prices should remain above 1.1235 levels for the above count to hold true. If we see prices breaking below 1.1235 levels, it may further drop towards 1.1185 levels before it finds support again.

Trading plan:

1. Aggressive: Remain short with stop above 1.1420 target is 1.1330 and 1.1310

2. Conservative: Flat for now. Buy @ 1.1330/10, stop below 1.1235, target is open.

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback