Euro quotes collapsed at the end of Friday’s trading, and the Target Zone 1.0572 – 1.0553 was broken out. Next, the Gold Zone 1.0476 – 1.0466 was reached. The Gold Zone is a strong support level. For the price to break below, market participants must consolidate their positions beyond the Gold Zone during the US session.
There’s a correction developing at the moment. The Additional Zone 1.0521 – 1.0517 may be reached during the correction. The Additional Zone is a strong resistance level from which I suggest considering new shorts with the first target at today’s high.
The short-term downtrend’s boundary moves to 1.0574 – 1.0565.
Trading plan for EURUSD for today:
- Sell according to the pattern from Additional Zone 1.0521 – 1.0517.
TakeProfit: 1.0470.
StopLoss: according to pattern rules. - Sell according to the pattern from Intermediary Zone 1.0574 – 1.0565.
TakeProfit: 1.0470.
StopLoss: according to pattern rules.
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