Short towards 1.0788 | 12 Februari 2020

12 Februari 2020, EUR/USD

Short towards 1.0788

Technical observation

EUR is currently trading with an increasing bearish momentum. Two weeks ago price corrected to the resistance zone this pair established around 1.1181-1.1151 but could not break above it and was rejected. My expectation is for this downward movement to continue towards the key level 1.0788 followed by a possible breakout below it with a big red candle. If you sold EUR within the zone 1.1181-1.1151 after a rejection, remain short with your take profit at 1.0788 and stop loss at 1.1373. Continue short towards the key level 1.0335 after a breakout below the line 1.0788 and a correction to it.

Trade recommendation

Remain short towards 1.0788.

Imelda Maseno
Analyst of «FreshForex» company
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