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we are short towards 1.1193

we are short towards 1.1193 | 20 December 2021

20 December 2021, EUR/USD

we are short towards 1.1193

Technical observation

EUR has been declining steadily towards the supportive level 1.1193, if you sold this pair within the resistance zone 1.1365-1.1359 after a bounce, remain short with your take profit at 1.1193 and stop loss at 1.1432. In case there is a clear penetration below the level 1.1193 with a big red candle, wait for a pullback to the just broken line and a bounce at it confirming a possible further rally to the lower side before you pick short positions. On the other hand, in case there is a bounce above the same line, wait for another correction to the zone mentioned above then re-sell EUR within it. On the 4 hour chart above, I can only recommend bullish positions above 1.1365-1.1359.

Trade recommendation

Remain bearish with your take profit at 1.1193.

Imelda Maseno
Analyst of «FreshForex» company
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