Trading Plan for EUR/USD and US Dollar Index for February 08, 2018
February 8, 2018 7:22 am
Technical outlook:
The EUR/USD price action nears to the wave 4 termination point near the 1.2220/50 levels, as depicted on the daily chart here, with the last wave being highlighted. The 5th wave is expected to resume from around the 1.2200/20 levels if the above wave counts hold to be true. Please note that fibonacci 0.382 support of the wave 3 is also passing through the same price band. Furthermore, its channel line support is also being tested at this point in time around the 1.2260/70 levels, respectively. Immediate price support comes in at the level of 1.2190, while the resistance is seen at the level of 1.2537, respectively. Look to switch from selling on the rallies trading strategy to buying on dips from here on.
Trading plan:
Remain flat for now and prepare to buy on dips going forward.
US Dollar Index chart setups:
Technical outlook:
The US Dollar Index daily chart has been depicted here with the last leg being highlighted. One can observe that after the termination of the wave (4) around the 95.00 level, the index has unfolded into 3 waves with the 4th wave ready to terminate around the current price action 90.40/60 and 91.00 levels, respectively. If this wave count holds to be true, we can expect the 5th wave to then resume lower, before US Dollar Index bottoms out. Immediate price resistance is seen around the level of 91.00 while interim support is seen at the level of 88.40, respectively. It would be safe to exit long positions taken earlier, and to remain flat for now, or to sell on rallies, going forward.
Trading plan:
Remain flat for now and prepare to sell around the 90.60 level, targeting lower.
Fundamental outlook:
Watch out for GBP Rate Decision at 07:00 AM EST later today.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook:
The EUR/USD price action nears to the wave 4 termination point near the 1.2220/50 levels, as depicted on the daily chart here, with the last wave being highlighted. The 5th wave is expected to resume from around the 1.2200/20 levels if the above wave counts hold to be true. Please note that fibonacci 0.382 support of the wave 3 is also passing through the same price band. Furthermore, its channel line support is also being tested at this point in time around the 1.2260/70 levels, respectively. Immediate price support comes in at the level of 1.2190, while the resistance is seen at the level of 1.2537, respectively. Look to switch from selling on the rallies trading strategy to buying on dips from here on.
Trading plan:
Remain flat for now and prepare to buy on dips going forward.
US Dollar Index chart setups:
Technical outlook:
The US Dollar Index daily chart has been depicted here with the last leg being highlighted. One can observe that after the termination of the wave (4) around the 95.00 level, the index has unfolded into 3 waves with the 4th wave ready to terminate around the current price action 90.40/60 and 91.00 levels, respectively. If this wave count holds to be true, we can expect the 5th wave to then resume lower, before US Dollar Index bottoms out. Immediate price resistance is seen around the level of 91.00 while interim support is seen at the level of 88.40, respectively. It would be safe to exit long positions taken earlier, and to remain flat for now, or to sell on rallies, going forward.
Trading plan:
Remain flat for now and prepare to sell around the 90.60 level, targeting lower.
Fundamental outlook:
Watch out for GBP Rate Decision at 07:00 AM EST later today.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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