We're short at 1.1517 | 20 November 2018

20 November 2018, EUR/USD

Technical observation

EUR/USD is rising steadily towards the key resistance line 1.1517 and I expect a rejection of it at the line followed by possible bearish momentum towards 1.1217 and a breakout below it for a further decline in price. I’m looking to short this pair at 1.1517 with my take profit at 1.1217 and stop loss around 1.1629.Should there be a clear breakout above 1.1517 with a big green candle, wait for a correction to it confirming possible bullish movement of EUR before you pick long positions towards 1.1612 on the second retracement to 1.1517 just to ensure the breakout is not false. Right now wait for a rejection at 1.1715 to sell EUR.

Trade recommendation

Short EUR pair at 1.1517 with your take profit at 1.1217 and stop loss around 1.1629.

Do you know against which currencies EUR is the most profitable?

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Imelda Maseno
Analyst of «FreshForex» company
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