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Wait for a correction

Wait for a correction | 13 February 2020

13 February 2020, EUR/USD

Wait for a correction

Technical observation

EUR penetrated below a supportive zone 1.0959-1.0949 with a big red candle before rallying downwards. Currently price is trading below the just broken zone on an increasing bearish momentum and i expect a loss of this movement at the lowest supportive level 1.0860 followed by a correction to the zone 1.0959-1.0949 and bounce within it for bearish momentum. My advice, wait for a correction to the above-mentioned zone and a bounce within it to sell EUR with your take profit at 1.0860 and stop loss at 1.1015. Further bearish movements can be anticipated below the level 1.0860.

Trade recommendation

Wait for a correction to 1.0959-1.0949 sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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