Technical observation
After a slight decline to the lower side last week, EUR is now rallying on an increasing bullish momentum towards the resistance zone 1.1555-1.1474 and my expectation is a bounce within it for possible bearish momentum towards the weekly support level marked at 1.0593. I’m looking to sell this pair after a close within 1.1555-1.1474 with my take profit at 1.0593 and stop loss at 1.1950. Should there be a clear penetration above 1.1555-1.1474 with a big green candle then bullish momentum will be anticipated towards the resistance 1.2536 after a correction to the just broken zone confirming the domination of the bulls.
Trade recommendation
Sell EUR within 1.1555-1.1474.
After a slight decline to the lower side last week, EUR is now rallying on an increasing bullish momentum towards the resistance zone 1.1555-1.1474 and my expectation is a bounce within it for possible bearish momentum towards the weekly support level marked at 1.0593. I’m looking to sell this pair after a close within 1.1555-1.1474 with my take profit at 1.0593 and stop loss at 1.1950. Should there be a clear penetration above 1.1555-1.1474 with a big green candle then bullish momentum will be anticipated towards the resistance 1.2536 after a correction to the just broken zone confirming the domination of the bulls.
Trade recommendation
Sell EUR within 1.1555-1.1474.