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Wait for a correction 1.1991-1.1999

Wait for a correction 1.1991-1.1999 | 01 July 2021

01 July 2021, EUR/USD

Technical observation

EUR declined up to the supportive level 1.1835 but could not break below it, price bounced at the line and is currently trading with an increasing bullish bias, this upwards movement is a correction to the resistance zone 1.1999-1.1991. I expect a rally to the upper side to the zone I have mentioned above followed by a bounce within it to re-sell EUR with my take profit at 1.183 and stop loss at. In case of a clear breakout above the zone 1.1999-1.1991, you can anticipate a possible momentum to the upper side after a retracement to the just broken zone but as long as price is sustained below the same zone, I can only recommend short positions.

Trade recommendation

Wait for a correction to the zone 1.1991-1.1999 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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