Remain short towards 1.1734. | 22 September 2020

Technical observation

Price bounced within a resistance zone 1.1774-1.1770 and is currently trading with an increasing bearish momentum. I expect this downwards movement to continue to the supportive line 1.1734, followed by either a clear breakout below it with a big red candle, or a bounce at it followed by another retracement to the resistance zone mentioned above. If you went short with this pair within the zone 1.1774-1.1770 after a bounce, hold onto that position with your take profit at 1.1734 and stop loss at 1.1787. Should there be a clear break above the zone 1.1774-1.1770, you can anticipate a surge of price to the upper side.

Trade recommendation

Remain short with your take profit at 1.1734.