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Wait for a correction to 1.1744-1.1721

Wait for a correction to 1.1744-1.1721 | 03 August 2018

03 August 2018, EUR/USD

Wait for a correction to 1.1744-1.1721

Technical observation

After days of declining steadily towards the support 1.1509,EUR/USD is now pulling back to the resistance zone 1.1744-1.1721,I expect a rejection of it within the zone for a possible bearish momentum towards 1.1509 and a breach below it for a further decline in price towards 1.1337.Wait for the correction to 1.1744-1.1721 then short the pair within the zone with your first take profit at 1.1509 and the next at 1.1337 with your stop loss slightly above 1.1744.In case of a breakout above 1.1744 with a big green candle, wait for a retracement to it to confirm bullish movements of price before you enter long positions .

Technical levels

Resistance levels

R1.1.1728

R2.1.1768

R3.1.1831

Pivot

1.1710

Support levels

S1.1.1665

S2.1.1643

S3.1.158

Trade signal

Wait for the correction to 1.1744-1.1721 to short EUR/USD.

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Wait for a correction to 1.1744-1.1721

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Imelda Maseno
Analyst of «FreshForex» company
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