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Wait for a correction to sell EUR

Wait for a correction to sell EUR | 04 October 2021

04 October 2021, EUR/USD

Wait for a correction to sell EUR

Technical observation

Last week, price dropped below the supportive zone 1.1665-1.1626 and closed bearish, this week I expect either a further surge to the lower side or a bullish movement of price to the just broken zone. In case of a further surge to the lower side, I still expect a loss of the bearish rally followed by a retracement to the zone 1.1665-1.1626, and if price rise to the same zone and I contained below it, I would advise you wait for a second retracement to the same zone to pick short positions with your take profit at 1.0826 and stop loss at 1.1844. As long as the value of this pair is contained below the zone 1.1665-1.1626, I can only anticipate bearish movements of price.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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