Wait for a correction | 30 January 2019
30 January 2019, EUR/USD
Technical observation
Yesterday, a false breakout was seen when price went below the supportive zone 1.1428-1.1422 with a big red candle, it could not be contained below the zone so it penetrated above and is currently rallying on an increasing bullish momentum. I am waiting for a correction to the zone followed by a rejection within it to pick long positions with my take profit at 1.1496 and stop loss at 1.1405.Should there be a clear breach above 1.1496, I will wait for a correction to it confirming further bullish price rally before I continue long with this pair. Short positions may only be recommended in case of a clear penetration below 1.1422.
Trade recommendation
Wait for a correction to 1.1428-1.1422 to buy EUR.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
