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Wait for a correction (1.2243-1.22201) to buy EUR

Wait for a correction (1.2243-1.22201) to buy EUR | 02 April 2018

02 April 2018, EUR/USD

Wait for a correction (1.2243-1.22201) to buy EUR

Technical observation

On the weekly chart above,EURUSD broke above a resistance zone (1.2243-1.2201) then rose up before retracing to the zone thrice, currently price is rallying above the zone and are showing signs of retracing to the zone, I expect a rejection of it within or around the zone for bullish movements of EUR towards 1.2555, I also expect a possible breakout above 1.255 for a further rise in price towards the upper key line 1.2778.In case there’s a clear breakout below (1.2243-1.2201),wait for a correction to it to confirm bearish movement of price before you enter short position towards the lower key line 1.1732.

Technical levels

Resistance levels

R1.1.2437

R2.1.2553

R3.1.2746

Pivot

1.236

Support levels

S1.1.2244

S2.1.2167

S3.1.1974

Trade signal

Wait for a correction to (1.2243-1.2201) to buy EUR.

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Imelda Maseno
Analyst of «FreshForex» company
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