FX.co ★ Trading plan for EUR/USD for December 04, 2019

Technical outlook:

EUR/USD is seen to be drifting sideways for last 2 trading sessions after breaking out higher last week and printing highs at 1.1094 levels. It is high probable for the euro bulls to push through 1.1110 and 1.1130 levels which are seen as short-term targets. The current wave structure is pointing towards a bullish EUR/USD in the near term, while a potential bottom seems to have been formed at 1.0981 last week. Until 1.0981 remains intact, bulls are expected to print higher highs and higher lows towards 1.1180, 1,1150 and above. Besides, note that 1.0980 is well supported by fibonacci 0.618 retracement of the previous rally along with the past resistance that turned into the support zone as marked here. On the flip side, if the price drops below 1.0981 lows, it is likely to find support at 1.0940, which is close to the fibonacci 0.786 support/retracement. To sum up, please be aware that prices may drop one last time below 1.0981 before turning bullish.

Trading plan:

Remain long against 1.0879, the target above 1.1500

Good luck!