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Wait for a correction

Wait for a correction | 24 August 2020

24 August 2020, EUR/USD

Technical observation

On the chart above, price is trading above a supportive zone 1.1734-1.1714 and I expect a correction to the same zone followed by a rejection within it to buy EUR. My advice, wait for a correction to the zone 1.1734-1.1714 and a rejection within it to buy this pair with your take profit at 1.1995 and stop loss at 1.1600. In case there is no bounce within 1.1734-1.1714 but a clear breakout below it with a big red candle, wait for a correction to the just broken zone and a bounce within it confirming possible bearish movement of price before you short this pair towards the supportive level marked around 1.1453.

Trade recommendation

Wait for a correction to 1.1734-1.1714 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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