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Wait for a correction to buy EUR

Wait for a correction to buy EUR | 09 November 2021

09 November 2021, EUR/USD

Wait for a correction to buy EUR

Technical observation

Yesterday EUR did not decline as I had anticipated; instead it rose and penetrated above a resistance zone 1.1566-1.1563 with a big green candle. Price then retraced to the broken zone and it was sustained above it then it rose for some time, right now the pair on the chart above is trading with an increasing bearish bias and i expect this bearish movement to continue to the zone I have mentioned above followed by a rejection within it to buy EUR with my take profit at 1.1615 and stop loss at 1.1550. In case there is a clear breakout above the level 1.1615 with a big green candle, I expect a further momentum of price to the upper resistance level 1.1665.

Trade recommendation

Wait for a correction to the zone 1566-1.1563 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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