02 November 2020, EUR/USD
Technical Observation
Last month's candle closed as a perfect bearish continuation candle. While the price remains below 23.6% fib level, we are looking for long term sell position towards 38.2% fib level. The idea is not to look for sell positions now, rather, wait for price to pullback towards 1.17630 to pick a long term sell position towards 38.2% fib level. If the price should break below this fib, then we expect further positions to the lower side with an ultimate target set around 50.0% fib level and could breakout much lower.
Trade Recommendations:
Wait for a resell from 1.17630.