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Wait for a retracement

Wait for a retracement | 01 August 2019

01 August 2019, EUR/USD

Wait for a retracement

Technical observation

Yesterday EUR went down the supportive level 1.1128 with a big red candle as I had predicted and is still rallying below the just broken line on an increasing bearish momentum. I expect a correction to the line followed by a rejection at it for downwards movements of price towards the key line 1.0818. Wait for a correction to the line 1.1128 and a bounce at it to sell EUR with your take profit at 1.0818 and stop loss at 1.1210, in case of a breach below 1.0818 with a big red candle, further bearish movements towards the lower supportive level 1.0485 may be expected after a pullback to the broken line and a bounce at it.

Trade recommendation

Wait for a correction to 1.1128 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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