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Wait for a retracement to sell EUR

Wait for a retracement to sell EUR | 30 October 2020

30 October 2020, EUR/USD

Wait for a retracement to sell EUR

Technical observation

On the hourly chart above, price declined steadily penetrating below a supportive zone 1.1724-1.1721 and a supportively level 1.1682. Currently EUR is trading below the line 1.1682 with an increasing bullish momentum. This upwards movement is a retracement to the line and expect a loss of it at the same line for a momentum to the lower side. My advice, wait for a correction to the line 1.1682 and a bounce at it to sell EUR with your take profit at 1.1616 and stop loss at 1.1699. As it is on the chart above, as long a price is contained below 1.1682, only bearish positions look ideal and can be recommended.

Trade recommendation

Wait for a correction to 1.1682 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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