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Wait for a correction to 1.1602 to sell EUR

Wait for a correction to 1.1602 to sell EUR | 28 October 2021

28 October 2021, EUR/USD

Wait for a correction to 1.1602 to sell EUR

Technical observation

On the daily chart above, price rose and broke above a key level 1.1620 with a big green candle but it could not be sustained above it, it then declined and broke below the same level with a big red candle and yesterday, price retraced to the just broken line and it was contained below it. As long as EUR remains below the level 1.1602, I expect its value to surge to the supportive level 1.1373. My advice, sell a bounce at the level 1.1620 with your take profit at 1.1373 and stop loss at 1.1691. In case of a clear breakout below the level 1.1373 with a big red candle, continue short with this pair after a correction to the broken line and a bounce at it.

Trade recommendation

Wait for a correction to 1.1602 to sell EUR with your take profit at 1.1337.

Imelda Maseno
Analyst of «FreshForex» company
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