Trading Plan for EUR/USD and GB/PUSD for August 11, 2017 888011000 110888 Technical outlook: If you have actually been following us since the beginning of this month, you would be as astonished and enjoyed see the wave counts work precisely as been represented here. Today was yet another day of the EUR/USD counter trend which we talked about yesterday and it has responded once again at the convergence of the trend line resistance, Fibonacci 0.618 mark and past support developed into resistance around 1.1820/ 30 levels. The recommended longs ought to have been left already and shorts are coming into play once again. Inning accordance with the wave counts, EUR/USD has actually produced the wave (1)( 5 waves down)and the wave( 2) (A-B-C counter-trend rally )till this minute and is now turning lower into the wave( 3), which is once again expected to sub-divide into 5 waves. In accordance with the long term bearish view, wehave actually been catchingshort-term waves on the per hour chart and will continue to do so here.Trading strategy: Short from 1.1820 levels now, stop at 1.1910,target is open in the meantime. GBPUSD chart setups: Technical outlook: The GBP/USD set is still falling in line with our expectations but has actually simply made one more low to finish its 5 waves impulse structure, and this was counted in as a likelihood. Now, the set should be setting up to continue its counter pattern rally greater to 1.3060 at least and probably to 1.3130 levels. Please note that the pair was drifting sideways into a triangle wave structure during last 2 trading days. Generally the triangle structures produce a thrust break out to the existing trend and after that turn sharply. If you observe today’s motion, GBP/USD dropped lower into 1.2933 levels and pulled back sharply, producing a pin bar candlestick pattern. The immediate assistance needs to be at 1.2933 levels, while resistance is at 1.3060 levels in the meantime.Trading plan.Remain long now with an upside target of 1.3060 and 1.3130 levels, with stop below 1.2933levels. Timeframe is couple of days.Fundamental outlook: There are no events left for the rest of the day.Good luck!The product has been supplied by InstaForex

By | August 11, 2017

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