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Wait for a correction to the zone 1.1369-1.1346

Wait for a correction to the zone 1.1369-1.1346 | 07 February 2022

07 February 2022, EUR/USD

Wait for a correction to the zone 1.1369-1.1346

Technical observation

On the daily chart above price rose above the resistance zone 1.1369-1.1346 with a big green candle then continued further upwards with another big green candle. I expect a correction to the broken zone followed by a rejection within it to pick long positions with my take profit at the resistance line 1.1650 and stop loss at 1.1238. As long as this pair is above the supportive zone 1.1369-1.1346 I can only recommend bullish positions for this pair. On your way upwards the key levels to look for include; 1.1650, 1.1889 and the upper resistance level 1.2224. On the chart above I can only recommend bearish positions below the zone.

Trade recommendation

Wait for a correction to the zone 1.1369-1.1346 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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