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Wait for a correction

Wait for a correction | 22 January 2020

22 January 2020, EUR/USD

Technical observation

EUR is trading above the trend line marked on the daily chart above on an increasing bullish bias; price declined to the trend line but could not penetrate below it and was rejected. Right now, I expect a retracement to the resistance zone 1.1178-1.1175 followed by a bounce within it for bearish movements. Wait for the correction to 1.1178-1.1175 and a rejection within it to sell EUR with your take profit at 1.1082. Should price penetrate below the trend line marked on the chart above, wait for a correction it to before you sell EUR with your take profit at 1.0992 and stop loss at 1.1135.

Trade recommendation

Wait for a correction to sell EUR with your take profit at 1.1082.

Imelda Maseno
Analyst of «FreshForex» company
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