A few days ago I've written that, in order to a deeper correction to 1.03 horizontal important resistance, EurUsd needs to maintain 1.01 intact.
The CPI data shattered this level of support and the single currency dropped again under parity.
After a local low at 0.9950, EurUsd is still struggling to regain this important figure, but, in my opinion, will fail.
That being said, a spike above parity should be considered a good opportunity to join the bears and the resistance band is between 1.0050 and 1.01.
Also, a sell around this zone can have a strong R: R of 1:3 considering a stop loss above the recent high and a take profit of 0.97.
Best Regards!
Mihai Iacob
The CPI data shattered this level of support and the single currency dropped again under parity.
After a local low at 0.9950, EurUsd is still struggling to regain this important figure, but, in my opinion, will fail.
That being said, a spike above parity should be considered a good opportunity to join the bears and the resistance band is between 1.0050 and 1.01.
Also, a sell around this zone can have a strong R: R of 1:3 considering a stop loss above the recent high and a take profit of 0.97.
Best Regards!
Mihai Iacob
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