How about selling EUR/USD?

How about selling EUR/USD?

2021-06-08 • Updated

H4 Chart

eurusd h4.png

Daily Chart

eurusd d1.png

EUR/USD managed to recover some of its last week’s decline, rising for the 2nd day in a row (Friday & Monday). However, such upside momentum is unlikely to continue, especially after the pair broke its uptrend line on the daily chart last week. The current upside move should be considered as a short-term bounce before the downside retracement resumes. Therefore, it's worth it to risk some short positions between 1.2180 and 1.2205 today with stop loss at around 1.2225 only, while the euro may retest last week’s low, which stands at 1.2104. This would be our first target for this trade.

S3

S2

S1

Pivot

R1

R2

R3

1.2065

1.2122

1.2156

1.2179

1.2213

1.2236

1.2293

TRADE NOW

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