EURUSD Carves a potential top around 1.1909 today?

31. Juli 2020

EURUSD has been defying resistance lately, and has managed to print yet another high around 1.1909 today. It has given in to bears since then and is trading around 1.1840 handle as we prepare to publish. Remains difficult to confirm as of now but probabilities remain high for a meaningful top in place at 1.1909 handle. Immediate support is seen at 1.1720 levels and a break there would confirm the above. Also note that EURO has traveled up to fibonacci 0.618 retracement of the earlier drop between 1.2555 and 1.0636, which is seen around 1.1820 levels, not shown here. Conservative traders might wait for a bearish reversal pattern on the daily chart and a break below 1.1720 to confirm a top in place.

Aggressive:
Short now @ 1.1835, Stop above @1.1909, target below 1.1200