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Wait for a correction to sell EUR

Wait for a correction to sell EUR | 24 November 2021

24 November 2021, EUR/USD

Wait for a correction to sell EUR

Technical observation

On the 4 hour chart above, price declined up to the supportive level 1.1224 but could not break below it, it bounced at the same line and it is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the zone 1.1375-1.1382 followed by a rejection within it to sell EUR with my take profit at 1.1224 and stop loss at 1.1431. In case of a clear penetration below the level 1.1224 with a big red candle, I expect the value of this pair to plummet further after a retracement to the broken line, on the other hand should there be a clear breach above the zone 1.1375-1.1382 with a big green candle, you can anticipate a momentum to the resistance level 1.1484 after a retracement to the broken zone.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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