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Wait for a correction to buy

Wait for a correction to buy | 25 June 2019

25 June 2019, EUR/USD

Wait for a correction to buy

Technical observation

On the daily chart above, EUR penetrated above a trend line it had established with a big green candle and is still rallying upwards, my expectation is a correction to the line followed by a bounce at it for bullish price rally towards the resistance zone 1.1823-1.1798 and a possible break above it too for a further rise in price. Wait for a correction to the broken line and a rejection at it to buy EUR with your take profit at 1.1798 and stop loss at 1.1221, in case of a breach above 1.1823-1.1798, wait for a retracement to it and a bounce within it confirming further bullish price momentum before you continue long towards 1.2185.

Trade recommendation

Wait for a correction to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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