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Wait for a correction to 1.1591-1.1506.

Wait for a correction to 1.1591-1.1506. | 27 August 2018

27 August 2018, EUR/USD

Wait for a correction to 1.1591-1.1506.

Technical observation

The pair on the chart above is on an upward trend, recently price broke below the supportive zone 1.1591-1.1506 but could not be contained then broke above it again. I expect a correction to the just mentioned zone followed by a rejection of price within it for possible bullish momentum towards the resistance key line 1.2422.As long as price remains above 1.1591-1.1506 only long positions can be recommended for the pair on the chart above. Long EUR/USD within 1.1591-1.1506 with your take profit at 1.2422 and stop loss slightly below 1.1506.Short positions may only be advisable below 1.1591-1.1506.

Technical levels

Resistance levels

R1.1.171

R2.1.1797

R3.1.2043

Pivot

1.1552

Support levels

S1.1.1464

S2.1.1306

S3.1.1061

Trade signal

Wait for a correction to 1.1591-1.1506.

Do you know against which currencies EUR is the most profitable?

Wait for a correction to 1.1591-1.1506.

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Imelda Maseno
Analyst of «FreshForex» company
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