Sell EUR at 1.1563 | 05 November 2021

Technical observation

Yesterday EUR declined tremendously to the supportive level 1.1536, it hit our take profit at 1.1536 and even broke below it with a big red candle. Price pulled back to the broken line and it was sustained below it then rallied further downwards and as long as EUR remain below this zone, I expect nothing but a further surge in price to the lower side. Right now my advice is, waist for a second correction to the resistance line 1.1563 then sell a bounce at it with your take profit at 1.1523 and stop loss at 1.1578. Should there be a clear breakout below the supportive level 1.1523 with a big red candle, I expect a further momentum to the lower side.

Trade recommendation

Sell EUR at 1.1563 with your take profit at 1.1523.