FX.co ★ Trading plan for EUR/USD for February 08, 2019

Technical outlook:

An hourly chart for EUR/USD has been presented here to have a short-term overview of the structure. The current drop from 1.1514 through 1.1324 levels is seen to have found support at the fibonacci 0.786 retracement of the previous rally between 1.1289 through 1.1514 levels respectively. More than a swing retracement, this setup should be considered as a potential consolidation as discussed yesterday, and prices have bounced off the support zone close to 1.1300/10 levels.A more probable direction from here should be on the north side into 1.1450/60 zone at least. Please note that only a clear break above 1.1514 levels would be considered as a breakout. The EUR/USD pair could remain into this trading zone and bounce off the support-resistance boundaries until a clear breakout is seen. It is best advisable to trade according and play the game of support and resistance.

Trading plan:

Long now, stop below 1.1290, target 1.1450/60

Good luck!