More downside for EUR/USD

More downside for EUR/USD

2019-11-11 • Updated

Trade idea

SELL 1.1370; TP 1.1340; SL 1.1380

As we pointed out at the start of the week, EUR/USD failed to pursue upside and returned the levels, at which it has been trading since the end of October.

It looks like the downside is still not finished. Although the pair managed to close above the 50-day MA at 1.1380 yesterday, it’s now testing lower levels. The support line from November lows at 1.1340 will attract the pair. There’s scope for such move: the lower daily Bollinger band is at 1.1320, daily Alligator is declining.   

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