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Remain short

Remain short | 11 February 2020

11 February 2020, EUR/USD

Remain short

Technical observation

Since its rejection around the resistance zone 1.1181-1.1151, EUR declined last week and is still showing signs of bearish dominance. I expect further downwards movement of this pair this week towards the supportive level 1.0788. If you sold EUR within the zone 1.1181-1.1151 after a bounce, hold on to that position with your take profit at 1.0788 and stop loss at 1.1360. If this take profit is hit and there is a clear penetration below it with a big red candle, further bearish rally towards the lower supportive level 1.0335 can be anticipated. Long positions can only be advisable above 1.1181-1.1151.

Trade recommendation

Remain short with your take profit at 1.0788.

Imelda Maseno
Analyst of «FreshForex» company
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