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Remain short towards 1.0992.

Remain short towards 1.0992. | 20 January 2020

20 January 2020, EUR/USD

Remain short towards 1.0992.

Technical observation

On the daily chart above, price rose to a resistance zone 1.1169-1.11157 and was rejected before rallying downwards, currently EUR is trading below the zone and I expect more bearish price movements towards the key supportive level 1.0992. If you sold this pair within the above mentioned zone after a rejection, hold on to that position with your take profit at 1.0992 and stop loss at 1.1239. Bullish movements can only be expected in case of clear breakout above the zone 1.1169-1.11157 with a big green candle followed by a retracement to it.

Trade recommendation

Remain short with your take profit at 1.0992.

Imelda Maseno
Analyst of «FreshForex» company
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