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We are bearish towards 1.1512.

We are bearish towards 1.1512. | 08 November 2021

08 November 2021, EUR/USD

We are bearish towards 1.1512.

Technical observation

On the hourly chart above, price retraced to a resistance zone it established at 1.1566-1.1563 but it could not break above it, it was sustained below the zone and as long as it remains below it I expect nothing but a rally to the lower side. If you picked short positions within the resistance zone i have mentioned above after a bounce, remain short with your take profit at 1.1512 and stop loss at 1.1583. In case of a clear breakout above the zone 1.1566-1.1563 with a big green candle, pick long position after a second retracement to the broken zone and a bounce within it with your take profit at 1.1615 and stop loss at 1.1547.

Trade recommendation

Remain short with your take profit a 1.1512.

Imelda Maseno
Analyst of «FreshForex» company
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