Technical outlook and chart setups:
The currency pair produced an engulfing bearish candle last week as expected. Immediate resistance is 1.36, followed by 1.38. It is recommended to remain short on positions initiated between 1.35 and 1.36, as recommended last week and also add further at the current levels. Intermediary support is at 1.33, followed by 1.31 and lower. The entire structure reveals at least a 3 wave correction towards the 1.29 levels, if not lower. Till the time prices remain below 1.36 and subsequently below 1.38, look lower and selling rallies should remain the trading strategy.
Trading recommendations:
Remain short, stop above 1.36, target is at 1.29.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via EURUSD resistance at 1.36. Remain short . Thanks for your support on EURUSD resistance at 1.36. Remain short
No comments:
Post a Comment