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Expecting a momentum towards 1.1664

Expecting a momentum towards 1.1664 | 20 September 2021

20 September 2021, EUR/USD

Expecting a momentum towards 1.1664

Technical observation

On the 4 hour chart above, price broke below a supportive zone 1.1781-1.1777, it then retraced to the broken zone and was sustained below it, as long as price remains below this zone, I expect nothing but a momentum to the lower side. If you sold EUR within the zone 1.1781-1.1777, remain short with your take profit at 1.1664 and stop loss at 1.1803. However, if you are currently neutral with this pair, wait for another correction to the zone 1.1781-1.1777 to short EUR. Should there be a clear breakout below the supportive level 1.1664 with a big red candle, wait for a correction to it and a bounce confirming a further momentum to the lower side before you continue short with EUR.

Trade recommendation

Remain short with your take profit at 1.1664.

Imelda Maseno
Analyst of «FreshForex» company
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