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Wait for a correction

Wait for a correction | 02 March 2020

02 March 2020, EUR/USD

Wait for a correction

Technical observation

Last week EUR traded with an increasing bullish bias and I still expect more bullish movements towards the resistance zone 1.1506-1.1457. Remain flat and wait for a correction to the zone to sell EUR with your take profit at 1.0824 and stop loss at 1.1795. However, In case there’s no rise to the zone but a decline towards the level 1.0824 followed by a clear breakout below it with a big red candle, wait for a correction to it and a bounce before you pick short positions with your take profit at 1.0331 and stop loss at 1.1052. Only short positions look ideal and can be recommended on then chart above.

Trade recommendation

Wait for a correction to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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