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We are bearish towards 1.1666

We are bearish towards 1.1666 | 28 September 2021

28 September 2021, EUR/USD

Technical observation

EUR is declining steadily towards the supportive level 1.1666,I expect a continuation to the same line followed by either a clear break below it with a big red candle, or a bounce at it followed by another retracement to the resistance zone 1.1749-1.1744. If you sold this pair within the zone 1.1749-1.1744, remain short and pick your take profit at the level 1.1666, in case of a breakout below the level 1.1666, wait for a retracement to it and a rejection confirming possible bearish movements of price before you continue short with this pair. As it is on the 4 hour chart above, as long as price is below the zone 1.1749-1.1744, I can only recommend short positions for EUR.

Trade recommendation

Remain short with your take profit at 1.1666.

Imelda Maseno
Analyst of «FreshForex» company
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