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Wait for a correction to sell EUR

Wait for a correction to sell EUR | 20 January 2022

20 January 2022, EUR/USD

Wait for a correction to sell EUR

Technical Observation

EUR broke below the zone 1.1382-1.1374 with a big red candle then rose steadily for some time and for the past two consecutive hours the value of this pair has been trading with an increasing bearish, bias however, I expect a loss of this downwards movement followed by a retracement to the zone mentioned above and a rejection within it to sell EUR with my take profit at 1.1236 and stop loss at 1.1419. As long as EUR remains below the same zone, I expect further bearish movements of this pair. On the 4 hour chart above, I can only recommend bullish positions above the zone 1.1382-1.1374 towards 1.1480.

Trade recommendation

Wait for a correction to the zone 1.1382-1.1374 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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