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Wait for a correction to (1.2390-1.2370)

Wait for a correction to (1.2390-1.2370) | 31 January 2018

31 January 2018, EUR/USD

Wait for a correction to (1.2390-1.2370)

Technical observation

Yesterday,EUR failed to break below the key support zone (1.2390-1.2370),price got rejected and the zone and continued up, I expect a possible rise in price in the coming hours towards 1.2517,if you had not entered a trade I would advise you wait for a correction to (1.2390-1.2370) then buy the pair within the zone with your take profit at 1.2517 and your stop loss at 1.2333,incase there’s a clear breach below the zone then wait for a pullback before you short EUR with your ideal target within (1.2215-1.2200),as long as the support zone (1.2390-1.2370)protects the upper side only long positions can be recommended.

Technical levels

Resistance levels

R1.1.2472

R2.1.2434

R3.1.2452

Pivot

1.2418

Support levels

S1.1.2409

S2.1.2399

S3.1.2381

Trade signal

Wait for a retracement to (1.2390-1.2370) then buy EURUSD with your take profit at 1.2517 and your stop loss at 1.2333.

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Imelda Maseno
Analyst of «FreshForex» company
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