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Wait for a correction to buy EUR

Wait for a correction to buy EUR | 09 April 2018

09 April 2018, EUR/USD

Wait for a correction to buy EUR

Technical observation

On the weekly chart above, EURUSD while on a upward trend retraced at a support zone (1.2243-1.2201) with three retracements. Currently price is rallying towards the zone and i expect a rejection of it within or around the zone for bullish movements of price towards 1.2555 and a breakout above 1.2555 for a further rise in price in towards the upper key line 1.2898.Right now I would advise you wait for a correction to the zone to buy EUR with your first take profit at 1.2555 and the next at 1.2898 and stop loss around 1.2006.In case of a breakout below (1.2243-1.2201) wait for a correction before you sell EUR.

Technical levels

Resistance levels

R1.1.2346

R2.1.2411

R3.1.2542

Pivot

1.2281

Support levels

S1.1.2216

S2.1.215

S3.1.2019

Trade signal

Wait for a correction to buy EUR with your take profit at 1.2555 and stop loss around 1.2006.

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Imelda Maseno
Analyst of «FreshForex» company
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