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Trading Plan for EUR/USD and US Dollar Index for February 16, 2018
February 16, 2018 8:21 amVideo
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Technical outlook:
The Daily chart wave counts presented here for EUR/USD clearly suggests that the 5th of 5th wave is very close to termination, or it has already terminated. A break below the 1.2460 level would indicate that a meaningful top is in place but a certain confirmation would be on a break below the 1.2205 level now. The pair could form a top around the 1.2610/20 levels before reversing. Wave counts on all timeframes can be seen on my channel. Please note that we are very close to a meaningful top of EUR/USD for 2018 now, and the bearish reversal has potential to drop at least towards the 1.1100 level if not further. The immediate support on the daily chart is at the 1.2205 level now, while the resistance is seen at the 1.2600 handle.
Trading plan:
Aggressive traders remain short, risk above the 1.2700 level.
US Dollar Index chart setups:
Technical outlook:
The Daily chart wave counts for US Dollar Index presented here suggests that the underlying instrument either has formed a meaningful low or is very close to form it. The support area which is now observed is very close to the 87.90/88.10 levels, and a major bottom is expected there. Please note that the US Dollar Index has dropped 5 waves impulse from 103.80 levels until now. This could be termed as the beginning of a new trend lower or a part of an expanded flat wave (4) of a larger degree. In either case, one should expect a counter trend rally towards at least the 98.00 level if not further. Support is seen around the 88.00 level while the resistance is seen at the 90/50/60 levels respectively.
Trading plan:
Aggressive traders remain long now with risk below the 87.00 level.
Fundamental outlook:
Watch out for USD Michigan Sentiment during New York Live today.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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