Wait for a correction | 06 March 2020

Technical observation

Yesterday I predicted a possible decline in the value of EUR against the US dollar from the resistance zone 1.1186-1.1175 towards the supportive level 1.0986, however, this pair rose significantly penetrating above the zone and even hitting our stop loss. This is a sure indication of an increase of buyers and unless this upwards movement was false and is not contained above the zone then a possible bullish rally towards the resistance level 1.1453 can be expected. My advice, wait for a correction to the just broken zone and a bounce within it to buy EUR with your take profit at 1.1453 and stop loss at 1.1094.

Trade recommendation

Wait for a correction to 1.1186-1.1175.