12 November 2018, EUR/USD
Technical observation
Last week’s candle closed below the supportive zone 1.1461-1.1394, I expect a correction to the just broken zone followed by a rejection within it for possible bearish movement of price towards the line 1.0417 and a breakout below it for a further decline in price. I’m looking to short this pair within 1.1461-1.1394 with my take profit at 1.0417 and stop loss slightly above 1.1461.In case of a break below 1.0417,I’ll wait for a correction to it confirming further bearish momentum of EUR before I continue short with this pair. As long as price remains below the resistance zone 1.1461-1.1394 only short positions can be advisable for the pair above.
Trade recommendation
Wait for a correction to 1.1461-1.1394 to sell EUR.
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