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Wait for a correction to sell EUR.

Wait for a correction to sell EUR. | 06 Junio 2019

06 Junio 2019, EUR/USD

Wait for a correction to sell EUR.

Technical observation

On the 4 hour chart above, price went above a resistance zone it established around 1.1257-1.1252 with then continued to rise, however, it could not be contained above the zone and ended up penetrating below it with a big red candle, right now it is retracing to the just broken zone and my expectation is rejection within it for bearish price rally towards the support 1.1172 and a possible breakout below it too for a further decline towards 1.1106.Wait for a correction to the zone 1.1257-1.1252 and a rejection within it to sell EUR with your take profit at 1.1172 and stop loss at 1.1277.Only short positions can be recommended.

Trade recommendation

Wait for a correction to 1.1257-1.1252 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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