EUR/USD recovery
Fiber is up 0.50% today after 6 days of consecutive losses forming a bullish engulfing or outside reversal which indicates that the selling pressure is subsiding for the time being.
We need to pay close attention to the next resistance level around 1.1350 ( friday's high and 23.6% fibo level ).
Surpassing this level exposes the lower boundary of the uptrend drawn on the chart which is around 1.138-1.14 figure.
I am still bearish on EUR/USD but I'd rather say cautiously bearish.
First scenario: Short around 1.1350 for target 1.12150 or below / SL around 1.1400 or slightly higher.
Second scenario: Long above 1.1350 for target 1.1440
Good luck.
We need to pay close attention to the next resistance level around 1.1350 ( friday's high and 23.6% fibo level ).
Surpassing this level exposes the lower boundary of the uptrend drawn on the chart which is around 1.138-1.14 figure.
I am still bearish on EUR/USD but I'd rather say cautiously bearish.
First scenario: Short around 1.1350 for target 1.12150 or below / SL around 1.1400 or slightly higher.
Second scenario: Long above 1.1350 for target 1.1440
Good luck.
Ramzi Abou Abdallah, CFTe, CMT
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