Technical observation
On the 4 hour chart above, price broke below a supportive zone 1.1781-1.1777, it then retraced to the broken zone and was sustained below it, as long as price remains below this zone, I expect nothing but a momentum to the lower side. If you sold EUR within the zone 1.1781-1.1777, remain short with your take profit at 1.1664 and stop loss at 1.1803. However, if you are currently neutral with this pair, wait for another correction to the zone 1.1781-1.1777 to short EUR. Should there be a clear breakout below the supportive level 1.1664 with a big red candle, wait for a correction to it and a bounce confirming a further momentum to the lower side before you continue short with EUR.
Trade recommendation
Remain short with your take profit at 1.1664.
Origin: FreshForex
