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Wait for a correction to 1.1447-1.1412

Wait for a correction to 1.1447-1.1412 | 11 December 2018

11 December 2018, EUR/USD

Wait for a correction to 1.1447-1.1412

Technical observation

EUR/USD pulled back to the resistance zone 1.1447-1.1412, it could not penetrate above it and was rejected before moving down, currently price is rallying on an increasing bullish momentum and I expect either a loss of this momentum within the above mentioned zone followed by downwards price movements or a clear breach above the zone with a big green candle followed by a correction to it for possible bullish price rally towards the resistance line 1.1611. I am waiting for the correction to 1.1447-1.1412 and a rejection within it to sell EUR with my take profit at 1.1277 and stop loss at 1.1502.Only short positions can be advisable right now.

Trade recommendation

Wait for a correction to 1.1447-1.1412 to sell EUR with your take profit at 1.1277.

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Imelda Maseno
Analyst of «FreshForex» company
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