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Wait for a correction

Wait for a correction | 25 March 2020

25 March 2020, EUR/USD

Wait for a correction

Technical observation

On the daily chart above, price has been rising for three consecutive days towards a resistance level 1.0897 since its rejection at the support 1.0660. My expectation is a rejection of this bullish movement at the level 1.0897 for possible downwards movements. However, in case there is no rejection at the line but a clear breach above it, a retracement to the resistance zone 1.1111-1.1096 can be expected followed by a rejection within it for bearish price rally. My advice, wait for a correction to the line 1.0897 and a bounce at it to sell EUR with your take profit at 1.0660 and stop loss at 1.0980.

Trade recommendation

Wait for a correction to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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