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Wait for a correction to rebuy

Wait for a correction to rebuy | 12 April 2018

12 April 2018, EUR/USD

Wait for a correction to rebuy

Technical observation

EURUSD is still trading above the support zone (1.2243-1.2201)and I expect a correction to it again and a rejection of price within or around it for possible bullish movement of price towards the resistance line 1.2555 and a breakout above the line for a further rise in price. Currently it is showing signs of retracing to the zone and I would advise you remain flat temporarily and wait for the pullback to (1.2243-1.2201) to buy EUR with your take profit at 1.2555 and stop loss around 1.2114.In case price breaks below the support zone with a big red candle, wait for a correction to it then sell EUR.

Technical levels

Resistance levels

R1.1.231

R2.1.2339

R3.1.2415

Pivot

1.2267

Support levels

S1.1.2234

S2.1.2186

S3.1.211

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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