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we are bearish towards 1.1713.

we are bearish towards 1.1713. | 14 July 2021

14 July 2021, EUR/USD

we are bearish towards 1.1713.

Technical observation

EUR retraced to a resistance level 1.1877 for the third time but it could not break above it, it bounced at the line then rallied downwards and it is still showing signs of declining even further. If you picked short positions at the key level 1.1877 after a bounce, remain short with your take profit at 1.1713 and stop loss at 1.1921. Should there be a clear breakout below the supportive level 1.713 with a big red candle, wait for a correction to the just broken level and a bounce at it confirming a further momentum to the lower side before you continue short with thus pair, I can only recommend bullish positions in case of a clear breakout above the level 1.1877.

Trade recommendation

Remain short with your take profit at 1.1713.

Imelda Maseno
Analyst of «FreshForex» company
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