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Wait for another correction to 1.1626 to sell EUR

Wait for another correction to 1.1626 to sell EUR | 12 October 2021

12 October 2021, EUR/USD

Wait for another correction to 1.1626 to sell EUR

Technical observation

On the daily cart above, price broken below a key level 1.1626 then retraced to it but could not break above it, EUR was sustained below the zone and as long as it stays below it, I anticipate a momentum to the lower side. My advice, wait for a second retracement to the resistance level 1.1626 and a bounce at it to sell EUR with your take profit at 1.1336 and stop loss at 1.1740 In case of a clear break below the level 1.174 with a big red candle, I expect bearish movements to the supportive level 1.1336, on the flip side should there be a penetration above the level 1.1626 with a big green candle, I expect bullish movements of price towards the level 1.1940.

Trade recommendation

Wait for a second retracement to the level 1.1626 to sell EUR..

Imelda Maseno
Analyst of «FreshForex» company
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