davidleekuanyong

EURUSD rejection on 1.0936 resistance zone

Short
FX:EURUSD   Euro / U.S. Dollar
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1
EURUSD rejected 1.0936 resistance zone with a long red 4hr candle, as of writing. EURUSD could be heading towards first target of 1.08057 zone. Second target zone is around 1.07596. Third is 1.07145 zone. For your benefit, keep in mind support/resistance are not exact points but are zones.

Risk management can be set at 1.09360 because if prices breaks above this resistance zone , it will invalid this downtrend analysis.
Comment: Note: targets are found using Fibonacci retracement.
Comment: prices almost hitting resistance zone 1.09360 before going downwards. as of writing it is at 1.08631. High probably of EURUSD trending downwards to 1.08057.
Trade closed: stop reached: EURUSD triggered by cut loss order at 1.0936. Trade Closed.