Mihai_Iacob

EurUsd- Best place to sell and join the strong bear move

Short
OANDA:EURUSD   Euro / U.S. Dollar
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

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