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Wait for a correction to buy EUR

Wait for a correction to buy EUR | 13 January 2021

13 January 2021, EUR/USD

Wait for a correction to buy EUR

Technical observation

EUR is trading with an increasing bearish bias below a resistance line 1.2249, this bearish movement is a correction to the supportive zone 1.1513-1.1450 and I expect it to continue to the same zone followed by a bounce within it to pick long positions. My advice, remain flat and wait for a correction to the supportive zone mentioned above and a rejection within it to buy EUR with your take profit at 1.2249 and stop loss at 1.1164. In case there is a clear breakout above the line 1.2249 with a big green candle, wait for a pullback to it and a bounce before you continue long towards the level 1.3429.

Trade recommendation

Wait for a correction to 1.1513-1.1450 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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