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Wait for a correction to 1.1936

Wait for a correction to 1.1936 | 22 May 2018

22 May 2018, EUR/USD

Wait for a correction to 1.1936

Technical observation

EUR/USD is still on a bearish move, recently it retraced at a resistance line 1.1936 then went down and is now approaching a support line 1.1733, I expect a rejection from it followed by a pull back to 1.1936 and a rejection of price from it for possible bearish momentum towards 1.1733.In case price does not correct to 1.1936 and instead breaches below 1.1733, you can wait for a pullback to the broken zone then short EUR. Bears are charged and only short positions look ideal on the daily chart above. Right now, I’m waiting for a correction to 1.1936 or a breakout below 1.1733 to short EUR/USD.

Technical levels

Resistance levels

R1.1.1813

R2.1.1854

R3.1.1927

Pivot

1.1781

Support levels

S1.1.1739

S2.1.1708

S3.1.1635

Trade signal

Wait for a correction to 1.1936 or a breakout below 1.1733 to short EUR/USD.

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Imelda Maseno
Analyst of «FreshForex» company
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