EURUSD – Up
The previous trading day was dedicated to consolidating the price at the levels where it currently stands. The downward movement could unfold either in a cascade or stepwise manner, making an effort to update the local minimum, then lingering in a narrow corridor for some time before resuming the downward trend.
Such a movement pattern indicates the weakness of buyers, whose strength is only sufficient for temporarily holding the exchange rate. Based on this, there arises a promising opportunity to enter into sell positions at current levels.
The target for the downward movement lies at the local price minimum, which is adequate for attempting to secure a good profit.
It’s also worth noting that the decline is anticipated within the framework of forming corrective wave 2.
Investment idea: Sell at 1.0740, with a stop loss at 1.0765, and a take profit at 1.0660.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
