Technical observation
A breakout was seen when price went below a support 1.1533 with a big red candle and is still rallying below it. I expect a retracement to the just broken line followed by a bounce form it for possible bearish momentum towards 1.1441 and a break below it for a further decline in price towards 1.1344.Right now, I’m waiting for the pullback to 1.1533 and a rejection at it to pick short positions with my first take profit a 1.1441 and the next at 1.1344 with my stop loss around 1.1566.This pair is moving downwards and so only short positions can be recommended on the 4 Hour chart above.
Technical levels
Resistance levels
R1.1.155
R2.1.1552
R3.1.1556
Pivot
1.1552
Support levels
S1.1.1545
S2.1.1543
S3.1.1539
Trade signal
Wait for a correction to 1.1533 to sell EUR .
Origin: FreshForex
