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Wait for a correction to 1.2245-1.2192

Wait for a correction to 1.2245-1.2192 | 02 May 2018

02 May 2018, EUR/USD

Wait for a correction to 1.2245-1.2192

Technical observation

After breaking down below the support zone 1.2245-1.2192, EURUSD raced towards 1.1931 and is currently approaching it.I expect a rejection of it from the support line followed by a pull back to the broken zone and a possible rejection of EUR from the zone for bearish movement of price towards 1.1931.I also expect a breakout below 1.1931 for a further decline in price towards the lower support line 1.1727 and even lower to the next line 1.1387 in the days to come. Right now wait for a correction to 1.2245-1.2192 to sell EUR within the zone with your take profit at 1.1931 and stop loss around 1.2326.

Technical levels

Resistance levels

R1.1.2158

R2.1.2185

R3.1.2263

Pivot

1.2109

Support levels

S1.1.208

S2.1.2028

S3.1.195

Trade signal

Wait for a correction to 1.2245-1.2192 to sell EURUSD with your take profit at 1.1931 and stop loss around 1.2326.

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Imelda Maseno
Analyst of «FreshForex» company
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