We're short towards 1.1102 | 07 February 2019

07 February 2019, EUR/USD

We're short towards 1.1102

Technical observation

Following a bounce within the resistance zone 1.1506-1.1473 four days ago, this pair has been declining steadily towards a support 1.1102 and I expect a penetration below it for a further decline in price towards the support level marked at 1.0496.I sold this pair after a bounce within the zone 1.1506-1.1473 and I am holding on to that position with my take profit still at 1.1102 and stop loss at 1.1625.If you are not in a trade yet, you can wait for another retracement to the zone 1.1506-1.1473 and a bounce within it to sell EUR, or, a clear breach below 1.1102 followed by a pullback to it to sell EUR with your take profit at 1.0496.

Trade recommendation

Remain short with your take profit at 1.1102 and stop loss at 1.1625.

Imelda Maseno
Analyst of «FreshForex» company
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