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Wait for a correction

Wait for a correction | 07 February 2020

07 February 2020, EUR/USD

Wait for a correction

Technical observation

Yesterday EUR penetrated below a support level 1.0992 with a big red candle and is now trading below it. I expect a correction to the just broken line followed by a bounce at it for bearish price rally towards the level 1.0874 and a possible breakout below it. Wait for a correction to the line 1.0992 and a rejection at it to sell EUR with your take profit at 1.0874 and stop loss at 1.1045. If this take profit is reached and there is a clear breach below it, further bearish movements of this pair can be anticipated. On the daily chart above, only short positions look ideal and can be recommended.

Trade recommendation

Wait for a correction to 1.0992 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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