FX.co ★ Trading plan for EUR/USD for February 07, 2019

Technical outlook:

The 4H chart view for the EUR/USD pair is presented here to have a medium-term outlook of the wave structure. Please pay attention to the green support and resistance lines here, which are part of the larger consolidation structure and until the prices stay between them, EUR/USD will continue to oscillate without clear direction. We need to see a clear breakout from the above structure in order to have the next larger move, though bias remains on the upside. The recent drop that began from the 1.1514 levels earlier, could find support around the 1.1340/50 levels which is the next Fibonacci convergence as depicted on the chart view. A bullish reversal should be able to push the prices higher back into the 1.1440/50 area. It is best to trade the game of support and resistance until the prices make a breakout in either direction. Please note that the upper and lower boundaries for now are 1.1490 and 1.1310, respectively.

Trading plan:

Remain long for now, targeting at least the upper range of consolidation.

Good luck!