The rally we saw since September 28 from 0.9536 is seen as a technical rebound within the larger degree downtrend in EUR/USD. This rebound probably peaked on February 2 at 1.0133. Since then, the Euro has been falling relative to the Dollar and there is a possibility that the larger degree downtrend may reassert itself. Even if this bearish case does not pan out, a decline towards the recent bottom at 1.0482 is a likelihood. Last night after Fed Chairman Powell's speech, the EUR/USD started rebounding. If this rebound can extend a little higher in the hours and days ahead, we may get a chance to position shorts for this bearish proposition.
#1 Sell Limit @ 1.0850. Sell Order Cancelled Fri, Feb 10, 14:38pm.
#2 Sell Limit @ 1.0805. Sell Order Cancelled Fri, Feb 10, 14:38pm.
Stop @ 1.0945.
Target @ 1.0490