Wait for a correction | 22 January 2020
22 January 2020, EUR/USD
Technical observation
EUR is trading above the trend line marked on the daily chart above on an increasing bullish bias; price declined to the trend line but could not penetrate below it and was rejected. Right now, I expect a retracement to the resistance zone 1.1178-1.1175 followed by a bounce within it for bearish movements. Wait for the correction to 1.1178-1.1175 and a rejection within it to sell EUR with your take profit at 1.1082. Should price penetrate below the trend line marked on the chart above, wait for a correction it to before you sell EUR with your take profit at 1.0992 and stop loss at 1.1135.
Trade recommendation
Wait for a correction to sell EUR with your take profit at 1.1082.
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.
