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Remain short

Remain short | 22 August 2019

22 August 2019, EUR/USD

Remain short

Technical observation

As I stated yesterday EUR has been rallying with an increasing bearish momentum and may extend lower. This downward rally is highly expected since price has remained below the resistance zone 1.1116-1.1108 and while the price remains below it I expect a surge to the lower side towards the key level 1.1025. If you went short yesterday within the above mentioned zone, hold on to that position with your take profit at 1.1025 and stop loss at 1.1149. If you are not in a trade yet, you can still short this pair now but if you are a bit sceptic to do so, wait for another correction to 1.1116-1.1108 to sell EUR.

Trade recommendation

Remain short with your take profit at 1.1025.

Imelda Maseno
Analyst of «FreshForex» company
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