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Wait for a correction to pick short positions.

Wait for a correction to pick short positions. | 18 February 2022

18 February 2022, EUR/USD

Wait for a correction to pick short positions.

Technical observation

On the weekly chart above price has been trading with an increasing bullish bias despite the anticipated bearish movement this week. This upwards movement is a minor retracement to the supportive zone 1.1461-1.1421 and I expect a loss of it within the same zone followed by a surge to the lower side. My advice, if you are currently neutral with this pair remain flat and pick short positions within the zone I have mentioned above with your take profit at 1.0697 and stop loss at 1.1647. In case of a clear breakout above the zone 1.1461-1.1421 with a big green candle, I expect further bullish movements towards the resistance level 1.2252.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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