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.
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