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Sell EUR within 1.1542-1.1457

Sell EUR within 1.1542-1.1457 | 17 December 2018

17 December 2018, EUR/USD

Technical observation

On the weekly chart above price is correcting to the zone 1.1542-1.1457. My expectation is a rise to the zone followed by a rejection within it for possible bearish momentum towards the support 1.0437.I would advise you wait for a rejection within the above mentioned zone to pick short position with your take profit at 1.10437 and stop loss at 1.1816.Should there be a clear penetration above 1.1542-1.1457 with a big green candle, wait for a correction to it confirming possible bullish price rally before you buy EUR with your ideal target at 1.2540.As long as price is contained below 1.1542-1.1457 only short positons can be advisable.

Trade recommendation

Pick short position within 1.1542-1.1457 with your take profit at 1.10437 and stop loss at 1.1816.

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Imelda Maseno
Analyst of «FreshForex» company
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