Wait for a correction | 25 Octubre 2018

25 Octubre 2018, EUR/USD

Wait for a correction

Technical observation

A breakout was seen when Euro went below the supportive zone 1.1448 with a big red candle, price is now pulling to the just broken line and I expect a bounce of it at the line followed by possible bearish momentum of EUR towards 1.1344 and a possible breakout below it too for a further decline in price. I am waiting for the correction to 1.1448 and a rejection at it to sell this pair with my ideal target at 1.1344 and stop loss around 1.1487.In case of a breakout below 1.1344,I will wait for a correction to it confirming further decline of price before I continue short with EUR. Only short positions can be advisable on the chart above.

Technical levels

Resistance levels

R1.1.1509

R2.1.1511

R3.1.1518

Pivot

1.1511

Support levels

S1.1.1502

S2.1.1498

S3.1.1491

Trade signal

Wait for a correction to 1.1448 to sell EUR/USD.

Do you know against which currencies EUR is the most profitable?

Wait for a correction

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Imelda Maseno
Analyst of «FreshForex» company
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