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Wait for a correction

Wait for a correction | 18 March 2020

18 March 2020, EUR/USD

Wait for a correction

Technical observation

Yesterday EUR went down below a supportive zone 1.1111-1.1096 with a big red candle and is currently rallying below it. I expect a correction to the just broken zone followed by a rejection within it for further bearish price movements towards the key level 1.0897. A break below the level 1.0897 should lead to a further decline towards the level 1.0784. If you are currently flat, remain so and wait for a correction to the above-mentioned zone and a rejection within it to sell EUR with your take profit at 1.0897 and stop loss at 1.1173. In case of a break below 1.0897, wait for a pullback to it before you continue short.

Trade recommendation

Wait a correction to 1.1111-1.1096 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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