EURUSD – Up
Technical observation
The value of the pair on the chart above declined to the supportive level 1.0040 and currently it is trading at it with an increasing bearish bias, however, I expect a loss of this downwards movement followed by a correction to the resistance zone 1.0804-1.0778 and a rejection within it to pick short positions with my take profit at 1.0040 and stop-loss at 1.1036. If price is not rejected at the level 1.0040 but clearly breaks below it with a big red candle, I expect it to plummet further after a pullback to the broken line, On the other hand, I expect bullish movements of price in case of a clear penetration above the zone 1.0804-1.0778.
Trade recommendation
Wait for a correction to the zone 1.0804-1.0778 to sell EUR.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
