16 Agustus 2019, EUR/USD
Technical observation
EUR penetrated below a key level 1.1119 with a big red candle and is currently pulling back to it. I expect a bounce at the line for possible bearish rally towards the key level 1.1025 and a breakout below it too. My advice, wait for a correction to 1.1119 and a rejection at it to sell EUR with your take profit at 1.1025 and stop loss at 1.1148, in case of a breakout below 1.1025, wait for a retracement to it and a rejection confirming further bearish movements of price before you continue short with this pair. Only short positions look ideal and may be recommended on the 4 hour chart above.
Trade recommendation
Sell EUR at 1.11199 with your take profit at 1.1025 and stop loss at 1.1148.