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We're short

We're short | 05 February 2020

05 February 2020, EUR/USD

We're short

Technical observation

EUR corrected itself to a resistance line around 1.1095 with a big green candle; price could not penetrate below the line and was rejected before moving downwards. EUR is trading on an increasing bearish momentum and I expect this movement to continue towards the supportive level 1.0992 followed by a clear breakout below it. If you sold EUR at the line 1.1095 after a rejection, hold on to that position with your take profit at 1.0992 and stop loss at 1.1137. If you’re not short yet, wait for a clear breakout below the line 1.0992 and a correction to it to sell EUR towards 1.0898.

Trade recommendation

Remain short with you take profit at 1.0992.

Imelda Maseno
Analyst of «FreshForex» company
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