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We are bearish towards 1.0992

We are bearish towards 1.0992 | 27 December 2021

27 December 2021, EUR/USD

We are bearish towards 1.0992

Technical observation

EUR retraced to the resistance zone it established at 1.1372-1.1354 but it could not break above it, instead price bounced below the zone then rallied to the lower side and today i expect further bearish movements of this pair towards the supportive level 1.0992. If you sold EUR within the zone mentioned above and you are currently short, remain in the trade with your take profit at 1.0992 and stop loss at 1.1477. In case there is a clear breakout below the level 1.0992 with a big red candle, I expect a further surge towards the lower supportive level 1.0640. As it is on the daily chart above, I can only recommend bullish positions above the zone 1.1372-1.1354.

Trade recommendation

Remain short with your take profit at 1.0922.

Imelda Maseno
Analyst of «FreshForex» company
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