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Wait for a correction to rebuy

Wait for a correction to rebuy | 10 Abril 2018

10 Abril 2018, EUR/USD

Wait for a correction to rebuy

Technical observation

For the past days after breaking up a resistance zone,EURUSD has been retracing at a support zone (1.2243-1.2201) five times making it a key support zone. Currently price is trading above it and is showing signs of pulling back to it, I don’t expect it to penetrate below the zone, I expect a rejection of it within or around the zone for a bullish momentum towards the key line 1.2555 and a breakout above it for a further rise in price. I would advise you wait for a correction to the zone then buy EUR with your take profit at 1.2555 and stop loss around 1.2114.Only sell EUR in case of a breakout below the zone and a pullback to it.

Technical levels

Resistance levels

R1.1.231

R2.1.2339

R3.1.2415

Pivot

1.2263

Support levels

S1.1.2234

S2.1.2186

S3.1.211

Trade signal

Wait for a correction to the zone to buy EUR with your take profit at 1.2555 and stop loss at 1.2114.

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Imelda Maseno
Analyst of «FreshForex» company
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