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Sell EUR on a second retracement to the zone 1.1665-1.1625

Sell EUR on a second retracement to the zone 1.1665-1.1625 | 20 October 2021

20 October 2021, EUR/USD

Sell EUR on a second retracement to the zone 1.1665-1.1625

Technical observation

EUR is trading with an increasing bullish bias within the resistance zone it established at 1.1665-1.1625 my expectation is a rejection of this upwards movement within the zone for a surge to the lower side. However if the previous break below the zone I have I have mentioned above was a false breakout there is a possibility of another clear break above the same zone with a big green candle. If this is the case, wait for a second retracement to broken zone and buy a bounce within it with your take profit at 1.2248 and stop loss at 1.1417. On the other hand if price is contained below the zone 1.1665-1.1625, sell EUR within it after a second retracement to the zone.

Trade recommendation

Wait for a second retracement to the zone 1.1665-1.1625 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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