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Wait for a correction

Wait for a correction | 06 April 2020

06 April 2020, EUR/USD

Wait for a correction

Technical observation

EUR is retracing to a key level it recently penetrated below. A rejection at the key level can be expected followed by a rejection within it for bearish price rally towards the line 1.0660. My advice, wait for a correction to the line 1.0897 followed by a rejection within it to sell EUR with your take profit at 1.0660 and stop loss at 1.0965. In case this take profit is hit and there’s a clear breakout below it with a big red candle, wait for a correction to the just broken line and a rejection at it to continue short with your take profit at 1.0660 and stop loss at 1.0965. On the daily chart above, only short positions look ideal and may be recommended, long positions may only be recommended above 1.1150-1.1131.

Trade recommendation

Wait for a correction to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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