FX.co ★ Trading plan for EUR/USD for January 20, 2020

Technical outlook:

EUR/USD has been correcting lower since 1.1240 levels over a few weeks. This could be the final corrective drop towards 1.1050 or 1.1000, before the rally resumes. Overall structure remains bullish till prices stay above 1.0879, which is defined as major support here. Intermediary support is seen at 1.0980 and EUR/USD may bounce ahead of that. Please note that a fibonacci convergence is seen around 1.1000 levels, and a bullish bounce there, remains high probability. Besides, note that trend line support is passing close to 1.1000/1.1050 levels respectively. The structure remains bullish since 1.0879 lows and upside targets are projected towards 1.1500 at least. The trading strategy for EUR/USD remains clearly buying on dips with a target potential higher through 1.1500/1.1800 respectively. Prices should hold 1.0879 levels, going forward.

Trading plan:

Remain long and also buy further around 1.1000/50, stop @ 1.0879, target is 1.1500

Good luck!