USD strengthening as well as the political uncertainty in Italy
has been detrimental to the EURUSD
pair. I expect the downtrend to continue but the RSI
has been oversold for quite some time now, therefore I would expect a slight pullback to the first resistance before it continuing to the next level of support. The risk to reward ratio is much more favourable this way and I can even put a tight stop-loss just above the resistance line.
Sell-order placed at 1.18110; stop-loss at 1.1854 and take profit limit at 1.1155. Let's see how this plays out.