Trading plan for EURUSD for October 28, 2020


Technical outlook:

EURUSD has reversed lower after hitting a 1.1880 high last week and managed to print a 1.1770 low today. It might form potential support around 1.1760/65. EUR/USD is seen to be trading around the 1.1777 level at this point in writing. It might be preparing to print another low at 1.1760 before turning higher. Please note that a bullish turn from the 1.1760 level could possibly push higher towards the resistance level at 1.1900. Also note that Fibonacci 0.786 retracement of the entire drop between 1.2010 and 1.1610 is seen to be passing through 1.1920/25. High probability remains for a bearish reversal from there if EURUSD manages to reach there. On the flip side, a drop towards the 1.1700 level will confirm that the pair may rise to 1.1880 and that trend has reversed lower towards 1.1400 and further.

Trading plan:

Remain short, add more @ 1.1900, target @ 1.1150

Good luck!

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