Trading Plan for EUR/USD and GBPUSD for April 20, 2017
April 20, 2017 1:13 pmVideo
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Technical outlook:
Finally, the EUR/USD pair has touched 1.0777 levels, which is fibonacci 0.618 resistance of the entire drop between 1.0906 through 1.0569 levels respectively. Please note that prices reversed sharply and an interim low at 1.0742 has been made until now. Any intraday rallies from here should remain well capped below 1.0777 levels going forward. Furthermore, the wave structure suggests that waves (1) and (2) should be now properly in place and that bears should resume control from here. If we go by the fibonacci extensions displayed here, minimum targets are seen towards 1.0350 levels and lower further. Please also note that the backside of a trend line is also seen to be converging at fibonacci levels, which should be looked upon as bearish development. Immediate resistance is seen at 1.0906 and support is seen at 1.0700 respectively.
Trading plan:
Please remain short for now, risk at 1.0906 and target lower.
GBPUSD chart setups:
Technical outlook:
After GBP/USD broke into a terminal thrust rally on April 18, 2017, the pair has moved into 4 waves (not labelled here). The projected wave 5 should be above 1.2905 levels ideally before the pair reverses again lower. As per the wave counts depicted on the daily chart view, an A-B-C corrective rally is in the making and is very close to terminating at C. Please note that fibonacci 0.618 is seen to be converging as well putting more weight on the bearish side. A preferred and safe trading strategy would be to sell on rallies through 1.2900-1.3000 levels. Immediate resistance is seen at 1.3100 levels, while support is seen at 1.2515 levels respectively.
Trading plan:
Please look to sell on reversal above 1.2905, risk above 1.3100 levels, targeting lower.
Fundamental outlook:
The two major events lined up are BOE’s Carney speeches at IIF in Washington at 11:30 AM EST and at Bank of France Event in Washington at 12:30 am est. These events will determine a further dynamic of GBP/USD.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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