FX.co ★ Trading plan for EURUSD for September 14, 2020

Technical outlook:

EURUSD has finally carved a meaningful top around 1.2010 on September 01, 2020. It had dropped to 1.1750/60 lows in the next few days, breaking below immediate support at 1.1754. The single currency pair is seen to be trading around 1.1870 /72 levels at this point in writing, and is expected to turn lower towards 1.1754 and beyond. Immediate resistance is seen towards 1.2010, while support is around the 1.1700 levels. A push below 1.1754 will accelerate further towards 1.1700 and 1.1500 in the next several trading sessions. Also note that next major price support comes in around 1.1167 levels and bears might be determined to push through those levels. It is possible that EURUSD might remain sideways for a while before turning lower again.

Trading plan:

Remain short for now, stop @ 1.2020, target is 1.1167.

Good luck!