Trading Plan for EUR/USD and US Dollar Index for February 01, 2018
February 1, 2018 8:21 am
Technical outlook:
The EUR/USD pair is very close to printing a major high for 2018. According to the most probable wave count, the pair seems to be into its 5th wave of one larger degree already. Furthermore, it seems to be in the 4th wave at the moment with pressure being on the south side. After termination of the 4th wave of the lesser degree, the pair is expected to rally one last time and terminate above 1.2537 levels. If the above wave counts hold to be true, the pair should be heading lower. The risk remains at 1.2537 levels and till the time EURUSD remains below the critical levels, look lower from here. Immediate major support comes in at 1.1900 levels while resistance is seen at 1.2537 levels respectively.
Trading plan:
Selling on rallies recommended with risk being at 1.2537.
US Dollar Index chart setups:
Technical outlook:
The US Dollar Index also seems to be carving its final leg lower, but for now, it is expected to print wave 4 of one lesser degree towards 90.60/70 and 91.00 levels respectively. After that, the underlying is expected to push lower one last time below 88.40 levels before turning higher again. If this wave count holds to be true, then we should witness a counter-trend rally in the index very soon. Intermediary support is seen at 88.40 levels while resistance is seen at 91.00 levels respectively. On the other hand, if a major low has already been formed, then the rally would continue towards 95.00 levels at least before producing a meaningful retracement.
Trading plan:
Look to buy on dips with risk being at 88.40 levels, targeting 90.60/91.00 at least.
Fundamental outlook:
Watch out for USD ISM Manufacturing Index today during NY Session.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook:
The EUR/USD pair is very close to printing a major high for 2018. According to the most probable wave count, the pair seems to be into its 5th wave of one larger degree already. Furthermore, it seems to be in the 4th wave at the moment with pressure being on the south side. After termination of the 4th wave of the lesser degree, the pair is expected to rally one last time and terminate above 1.2537 levels. If the above wave counts hold to be true, the pair should be heading lower. The risk remains at 1.2537 levels and till the time EURUSD remains below the critical levels, look lower from here. Immediate major support comes in at 1.1900 levels while resistance is seen at 1.2537 levels respectively.
Trading plan:
Selling on rallies recommended with risk being at 1.2537.
US Dollar Index chart setups:
Technical outlook:
The US Dollar Index also seems to be carving its final leg lower, but for now, it is expected to print wave 4 of one lesser degree towards 90.60/70 and 91.00 levels respectively. After that, the underlying is expected to push lower one last time below 88.40 levels before turning higher again. If this wave count holds to be true, then we should witness a counter-trend rally in the index very soon. Intermediary support is seen at 88.40 levels while resistance is seen at 91.00 levels respectively. On the other hand, if a major low has already been formed, then the rally would continue towards 95.00 levels at least before producing a meaningful retracement.
Trading plan:
Look to buy on dips with risk being at 88.40 levels, targeting 90.60/91.00 at least.
Fundamental outlook:
Watch out for USD ISM Manufacturing Index today during NY Session.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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