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Wait for a correction to 1.1258-1.1252 to sell EUR.

Wait for a correction to 1.1258-1.1252 to sell EUR. | 07 May 2019

07 May 2019, EUR/USD

Wait for a correction to 1.1258-1.1252 to sell EUR.

Technical observation

On the chart above EUR is retracing to a resistance zone it established around 1.1258-1.1252, I expect a bounce of this pair within the zone for possible bearish price rally towards 1.1159 and a possible breach below the line for further downwards movement of price. Remain flat and wait for the pullback to the above mentioned zone to sell this pair with your take profit at 1.1159 and stop loss at 1.1282.In case there’s no rejection within 1.1258-1.1252 but a clear break above it with a big green candle, bullish momentum of EUR towards the key line 1.1326 can be anticipated after a correction to the just broken zone.

Trade recommendation

Wait for a correction to 1.1258-1.1252 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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