FX.co ★ Trading plan for EURUSD for July 30, 2020

Technical outlook:

EURUSD raised past resistance defined at 1.1500 and reached up to 1.1806 yesterday. The single currency pair is seen to be trading around 1.1755 levels at this point in writing and is expected to produce a bearish reversal soon. Looking at the wave structure, the rally from 1.0636 seems to be complete around 1.1806 yesterday, or is very close to completing. It would be a better strategy to prepare to initiate short positions around 1.1800/20 if prices reach there. Also note that EURUSD has almost reached the fibonacci 0.618 retracement of the previous drop from 1.2555 through 1.0636, which is seen towards 1.1820 respectively. On the flip side, a break below 1.1720 also confirms a meaningful top in place.

Trading plan:

Remain short, stop @ 1.1880, target is open.

Good luck!