FX.co ★ Trading plan for EURUSD for July 31, 2020

Technical outlook:

EURUSD pushed further through 1.1909 levels before reversing lower. The single currency pair is seen to be trading around 1.1859 at this point in time and it might have carved a meaningful top today. The daily chart is producing a potential shooting star candlestick pattern and will confirm if it closes around these levels or lower. High probability remains for a bearish reversal from Monday if a Shooting Star is confirmed produced today. Also note that the bearish reversal comes across fibonacci 0.618 retracement of the previous drop between 1.2555 and 1.0636 respectively. This has got potential to push EURUSD much lower over the coming weeks.

Trading plan:

Remain short with stop @ 1.1990 target is open.

Good luck!