Trading Plan for EUR/USD for July 26, 2018
There is a slight change in the outlook here that was presented two days ago. The EUR/USD pair might be trading in a consolidating triangle for wave (4) of the larger degree discussed yesterday. Till the time prices stay below 1.1780 levels, the above count shall remain valid. Any push above 1.1780 levels would delay the process of dropping lower from here; rather it would look to drop from 1.1850 levels then. A high probable trade setup from here could be on the south side with potential risk around 1.1780 levels. Immediate resistance is seen at 1.1750 levels, while interim support is at 1.1528 levels respectively. Any break below 1.1650 levels would instill more confidence on the bearish side.
Exit longs taken yesterday. Remain short from here with stop loss above 1.1780 levels.
Watch out for ECB rate decision at 07:45 AM EST followed by President Draghi’s press conference at 08:30 AM EST.