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Wait for a correction to 1.1872-1.1849.

Wait for a correction to 1.1872-1.1849. | 28 August 2018

28 August 2018, EUR/USD

Technical observation

EUR/USD is still trading below the resistance zone 1.1872-1.1849, as long as price is still below this zone I expect a surge to the lower side. Currently price is between the mentioned zone and a support key line 1.1540, In the recent past a false breakout was seen when the price went below 1.1540 but ended up above it.I expect a correction to 1.1872-1.1849 followed by a rejection of price within it for possible bearish movements, in case of a breach below 1.1540, wait for a correction to it to confirm bearish rally of price before you enter short positions. Right now wait for a correction to 1.1872-1.1849.

Technical levels

Resistance levels

R1.1.1675

R2.1.1692

R3.1.178

Pivot

1.1604

Support levels

S1.1.1569

S2.1.1517

S3.1.1429

Trade signal

Wait for a correction to 1.1872-1.1849.

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Imelda Maseno
Analyst of «FreshForex» company
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