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Wait for a correction to the zone 1.1160-1.1132

Wait for a correction to the zone 1.1160-1.1132 | 20 April 2022

20 April 2022, EUR/USD

Wait for a correction to the zone 1.1160-1.1132

Technical observation

On the daily chart above price declined up to the supportive level 1.0768 but could not break below it, instead it bounced above the same line and yesterday it traded with an increasing bullish bias. Today I expect a continuation of this upwards movement to the resistance zone 1.1160-1.1132 followed by a rejection within it to re-sell EUR with my take profit at 1.0768 and stop loss at 1.1312. If price rises above the zone I have mentioned above, I expect it to ascend further towards the key level 1.1483, on the other hand in case of a break below the level 1.0768, I expect price to plummet further a pullback to the broken.

Trade recommendation

Wait for a correction to the zone 1.1160-1.1132 to re-sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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