Since EURUSD has broken below a 3-month low at1.13, the price has retraced significantly, but with little sign of reversal.
A retracement channel has been formed for the past 4 days and the price is about to reach a psychological level at 1.14.
The level at 1.14 is a combination of not just a psychological number, but also an important supply zone combined with 618 retracement level, as well as the top of a falling channel.
Since 1.13 was broken, the gateway to further depreciation is wide opened, thus I assume that 1.14 would be a very good level to short with a high reward-risk ratio.
A retracement channel has been formed for the past 4 days and the price is about to reach a psychological level at 1.14.
The level at 1.14 is a combination of not just a psychological number, but also an important supply zone combined with 618 retracement level, as well as the top of a falling channel.
Since 1.13 was broken, the gateway to further depreciation is wide opened, thus I assume that 1.14 would be a very good level to short with a high reward-risk ratio.