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Wait for a correction to the zone 1.1245-1.1236 to buy EUR

Wait for a correction to the zone 1.1245-1.1236 to buy EUR | 03 February 2022

03 February 2022, EUR/USD

Technical observation

On the chart above, price broke above the zone 1.1245-1.1236 with a big green candle, it then retrace to it once and it was sustained above zone, as long as EUR remains above this zone, I can only recommend bullish positions for this pair. For now I would recommend that you remain neutral and wait for a second retracement to the zone mentioned above then pick long positions within it after a bounce with your take profit at 1.1387 and stop loss at 1.1194. Should there be a clear breakout above the line 1.1387 with a big green candle, I expect further upwards movements towards the resistance level 1.1512 or higher.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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