In my yesterday's EurUsd commentary I said that I work with two bearish scenarios: 1. A retest of 1.08 and fall after 2. A direct break under support without a test
At this moment, after almost 2 weeks of consolidation in a rectangle, EurUsd is trading under 1.05 important support. Considering the time of consolidation and the incapacity of the pair to pass above 1.0650 I believe this is a genuine break. My long-term target, as you know, is the 0.85-0.90 zone, as for the short term, 1.03 can be a good price for bears. As long as the price is under 1.0650 sell rallies can be a good strategy with the focus on a good R: R rate.
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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.