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We're short towards 1.1600

We're short towards 1.1600 | 07 July 2021

07 July 2021, EUR/USD

Technical observation

EUR broke below a supportive zone 1.1956-1.1941 with a big red candle, it then retraced to the just broken zone and it was contained below it. As long as price is sustained below the zone I have mentioned above, I expect a momentum to the lower side. If you picked short positions within the resistance zone 1.1956-1.1941 after a second retracement, remain in the trade with your take profit at 1.1600 and stop loss at 1.2048. If price penetrate below the key level 1.1600 with a big red candle, I expect a further momentum to the lower side to the key level 1.1163, or even further to the lowest supportive level 1.0771.

Trade recommendation

Remain short with your take profit at 1.1600.

Imelda Maseno
Analyst of «FreshForex» company
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