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Wait for a correction

Wait for a correction | 30 January 2019

30 January 2019, EUR/USD

Technical observation

Yesterday, a false breakout was seen when price went below the supportive zone 1.1428-1.1422 with a big red candle, it could not be contained below the zone so it penetrated above and is currently rallying on an increasing bullish momentum. I am waiting for a correction to the zone followed by a rejection within it to pick long positions with my take profit at 1.1496 and stop loss at 1.1405.Should there be a clear breach above 1.1496, I will wait for a correction to it confirming further bullish price rally before I continue long with this pair. Short positions may only be recommended in case of a clear penetration below 1.1422.

Trade recommendation

Wait for a correction to 1.1428-1.1422 to buy EUR.

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Imelda Maseno
Analyst of «FreshForex» company
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