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Wait for a retracement to the zone 1.1588-1.1586 to buy

Wait for a retracement to the zone 1.1588-1.1586 to buy | 02 November 2021

02 November 2021, EUR/USD

Wait for a retracement to the zone 1.1588-1.1586 to buy

Technical observation

On the hourly chart above, price is trading with an increasing bearish bias above a supportive zone 1.1588-1.1586, this bearish movement is a retracement to the zone I have mentioned above and I expect a continuation of it to the same zone followed by a rejection within it and a surge to the upper side. My advice, remain flat and wait for a correction to the supportive zone 1.1588-1.1586 then buy EUR within it with your take profit at 1.1622 and stop loss at 1.1570. In case of a clear breakout above the resistance level 1.1622 with a big green candle, I anticipate a further rally to the upper side after a retracement tot the broken line.

Trade recommendation

Wait for a correction to the zone 1.1588-1.1586 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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