EURUSD didn’t manage to stay above 1,07 level for a long time. Even though Friday was a pretty bullish day on this pair, bears apparently are stronger…


Looking at daily EURUSD chart we can scope a huge white candle which was created last Friday. Bulls managed to test 1,0700 level but didn’t break through it. Today’s early market was pretty bullish too – we did see a clear continuation of Friday’s sentiment. But with the start of european session, everything changed.

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European investors have realised, that EURUSD is obviously too high. During first couple of hours od Monday’s trading it tested resistance zone marked red. Just 15-20 pips above 1,0700 level which is also a Fibonacci retracement.

After a closer look we actually can see a small corrective wave which was skewed right after 2 PM. At this moment price is testing the bottom of corrective channel which might be a good place to sell EURUSD.

Possible place of stop loss orders might be right above 1,0680 level.

 

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