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We are bearish towards 1.1365.

We are bearish towards 1.1365. | 11 November 2021

11 November 2021, EUR/USD

We are bearish towards 1.1365.

Technical observation

On the daily chart above, price is trading below a resistance zone 1.1650-1.1633 and as long as it is contained below this zone I can only recommend picking bearish positions. If you sold EUR within the zone I have mentioned above and you are still holding short positions, I would advise you remain in the trade with your take profit at 1.1365 and stop loss at 1.1740. However, if you are currently neutral with this pair, remain flat and wait for another correction to the zone 1.1650-1.1633 then pick short positions within it after a bounce. Should price break below the level 1.1365 with a big red candle, I expect a further momentum to the lower side.

Trade recommendation

Remain short with your take profit at 1.1365.

Imelda Maseno
Analyst of «FreshForex» company
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