A few days ago I've written that, in order to a deeper correction to 1.03 horizontal important resistance, EurUsd needs to maintain 1.01 intact.
The CPI data shattered this level of support and the single currency dropped again under parity.
After a local low at 0.9950, EurUsd is still struggling to regain this important figure, but, in my opinion, will fail.
That being said, a spike above parity should be considered a good opportunity to join the bears and the resistance band is between 1.0050 and 1.01.
Also, a sell around this zone can have a strong R: R of 1:3 considering a stop loss above the recent high and a take profit of 0.97.
Best Regards!
Mihai Iacob
The CPI data shattered this level of support and the single currency dropped again under parity.
After a local low at 0.9950, EurUsd is still struggling to regain this important figure, but, in my opinion, will fail.
That being said, a spike above parity should be considered a good opportunity to join the bears and the resistance band is between 1.0050 and 1.01.
Also, a sell around this zone can have a strong R: R of 1:3 considering a stop loss above the recent high and a take profit of 0.97.
Best Regards!
Mihai Iacob
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.