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Wait for a retracement

Wait for a retracement | 24 June 2019

24 June 2019, EUR/USD

Wait for a retracement

Technical observation

Last week EUR rose with a big green candle towards a zone 1.1523-1.1454 and I still expect more bullish price rally this week to the zone followed by a bounce within it. You can remain flat and wait for a retracement to 1.1523-1.1454 and a rejection within it to sell EUR with your take profit at 1.0878 and stop loss at 1.1750, in case this take profit is hit and there’s a clear breach below it then more bearish movements towards 1.0326 can be expected, however, should there be no rejection within 1.1523-1.1454 but a clear break above it followed by a correction to it then bullish movements of price can be anticipated.

Trade recommendation

Wait for a retracement to 1.1523-1.1454 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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