Overview- EUR/USD's recovery from 1.17 has been quite impressive.Price has
rallied nearly 300 pips from the lows. However, it has now reached a PRZ which might
give the sellers a chance.
Analysis - From the chart, you can see that the area just below 1.20 is a crucial
reversal level which has multiple price rejections in the past. However, for the sellers to be
confident, today's daily candlestick must be a bearish candle.
Probable trade set-up - If a bearish daily candlestick with a long wick forms today,
selling EUR/USD in the PRZ with SL above PRZ and TP at 1.17 would be a possible sell signal.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.
rallied nearly 300 pips from the lows. However, it has now reached a PRZ which might
give the sellers a chance.
Analysis - From the chart, you can see that the area just below 1.20 is a crucial
reversal level which has multiple price rejections in the past. However, for the sellers to be
confident, today's daily candlestick must be a bearish candle.
Probable trade set-up - If a bearish daily candlestick with a long wick forms today,
selling EUR/USD in the PRZ with SL above PRZ and TP at 1.17 would be a possible sell signal.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.