The euro continues following a short-term downtrend as of Wednesday morning. Yesterday, market participants attempted to break out the Target zone 1.1306 – 1.1289. However, the US session closed within support limits.
Today, the buyer has tested local resistance — the Additional zone 1.1311 – 1.1307. I suggest shorting the euro from that zone with a target at yesterday’s low.
If the Additional zone is broken to the upside, the correction might continue with a target at 1.1360 – 1.1351 — in the Intermediary zone. The Intermediary zone is the short-term downtrend’s limits, so we should also consider selling the euro after that zone is tested.
The Fed’s interest rate decision is due today, and market volatility might increase. I recommend securing your trading positions as much as possible: move some of them to a breakeven point or fix a part of profits.
Trading plan for EURUSD for today:
Sell according to the pattern from the Additional Zone 1.1311 – 1.1307.
TakeProfit: 1.1265.
StopLoss: According to pattern rules.
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