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Wait for a pullback to 1.1382-1.1372 sell

Wait for a pullback to 1.1382-1.1372 sell | 02 December 2021

02 December 2021, EUR/USD

Wait for a pullback to 1.1382-1.1372 sell

Technical observation

The pair on the hourly chart above is trading with an increasing bullish bias below a resistance zone 1.1382-1.1372; this ascending movement is a retracement the same zone and I expect price to rise then bounce within zone followed by a surge to the lower side, My advice, remain neutral and wait for a correction to the resistance zone 1.1382-1.1372 then sell EUR within it with your take profit at 1.1193 and stop loss at 1.1445. In case there price is not sustained below the zone 1.1382-1.1372 but instead it penetrates above it with a big green candle, I expect a possible rally to towards the resistance level 1.1518.

Trade recommendation

Wait for a correction to the zone 1.1382-1.1372 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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