This week the EUR/USD currency pair has suspended its decline and has formed a minimum at the level of 1.0350, thereby updating the minimum of the price for the last 13 years. The price broke down a very important support level at 1.0550 for which all buyers had hoped so deeply. The price passed this mark and successfully fixed below the support 1.0550. The breaking of the 1.0550 level has paved the way for the EUR/USD to decline to parity or even lower.
At the moment we see a small correction against the downward movement and the level of 1.0550 is likely to be tested again, but this time it will be resistance for the price and most likely we will see a resumption of sales from this level. You can open the transaction to sell now but in this case we risk entering for sale directly on the corrective upward movement. The ideal case scenario will roll back the price to 1.0550 and rebound down from it. Stop-loss on sales should be determined depending on the amount of your deposit and trading hours. For intraday and weekly traders a good mark for S/L will be the area above 1.0600. Longer-term traders can place orders at 1.0680 and above.
