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

Technical outlook:

EURUSD might have carved a major top around 1.0965. It may print another high towards 1.1975/80 before reversing lower again. The EUR/USD pair is seen to be trading around 1.1934 level. At this point in writing , the pair is expected to reverse lower soon. Immediate price resistance is seen at 1.1965, while intermediary support is seen at 1.1700 levels respectively. The boundary is likely to be broken between 1.0636 and 1.1965. A break below 1.1700 would open doors for a push towards 1.1000 levels near the intermediary support trend line. Only a break below 1.1000 would threaten the existing upward trend.

Trading plan:

Remain short, stop @ 1.1990, target is 1.1000

Good luck!