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Wait for a correction

Wait for a correction | 02 December 2020

02 December 2020, EUR/USD

Wait for a correction

Technical observation

On the daily chart above, price broken above a key line 1.2009 as I had predicted with a big green candle, though this pair is still trading with an increasing bullish momentum, I expect retracement to the just broken line followed by a bounce at it to buy EUR with my take profit at 1.2252 and stop loss at 1.1891. In case of a clear breakout above the line 1.2252 with a big green candle, you can expect a surge to the upper side after a pullback to the line and rejection. As it is on the chart above, as long as the value of this pair is contained above 1.1744-1.1715, I can only recommend bullish positions.

Trade recommendation

Wait for a correction to 1.2009 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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