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Wait for a correction to sell EUR

Wait for a correction to sell EUR | 25 February 2022

25 February 2022, EUR/USD

Wait for a correction to sell EUR

Technical observation

On the 4 hour chart above, price declined and broke below the supportive zone it established at 1.1248-1.1239 then rallied further downwards. However, it could not break below the supportive level 1.1130 and currently it is trading with an increasing bullish bias. This upwards movement is a correction to the zone I have mentioned above and I expect a rejection within it to pick short positions with my take profit at 1.1130 and stop loss at 1.1292. As long as EUR is sustained below the resistance zone 1.1248- 1.1239 I can only recommend short positions for this pair. Right now remaining neutral is ideal than picking any positions.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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