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Wait for a correction to the zone 1.1665-1.1626

Wait for a correction to the zone 1.1665-1.1626 | 01 Octubre 2021

01 Octubre 2021, EUR/USD

Wait for a correction to the zone 1.1665-1.1626

Technical observation

On the chart above, EUR did not bounce within the supportive zone 1.1665-1.1626 as I had anticipated; instead it penetrated below the same zone with a big red candle and it is currently trading slightly below it with an increasing bearish bias. My expectation is a continuation of this bearish movement followed by a possible retracement to the just broken zone and a rejection within it for a momentum to the lower side. Right now as it is on the weekly chart above, wait for a correction to the just broken zone 1.1665-1.1626 and pick short positions within it after a bounce with your take profit at 1.10826 and stop loss at 1.1848.

Trade recommendation

Wait for a correction to the zone 1.1665-1.1626 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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