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Wait for a retracement to buy EUR

Wait for a retracement to buy EUR | 12 March 2020

12 March 2020, EUR/USD

Wait for a retracement to buy EUR

Technical observation

Since its rejection at the resistance level 1.1453, EUR has been rallying with an increasing bearish momentum and I expect this downwards movement to extend lower to the supportive zone 1.1186-1.1175. A loss of this downwards movement can be expected within the zone followed by bullish momentum of this pair. Wait for the retracement to the zone 1.1186-1.1175 and a bounce within it to buy EUR with your take profit at 1.1453 and stop loss at 1.1096. In case of a penetration above the line 1.1453, wait for a retracement to it confirming further bearish movements before you continue long with EUR.

Trade recommendation

Wait for a retracement to 1.1186-1.1175 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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