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Wait for a correction to the zone 1.1090-1079

Wait for a correction to the zone 1.1090-1079 | 07 March 2022

07 March 2022, EUR/USD

Wait for a correction to the zone 1.1090-1079

Technical observation

On the 4 hour chart above price broke below the zone 1.1090-1079 with a big red candle, it then retraced once to the broken zone then descended with a big red candle but was sustained above the level 1.0908. I expect a correction to the zone I have mentioned above followed by a rejection within it to pick short positions with my take profit at 1.0908 and stop-loss at 1.1144. In case of a clear breakout below the supportive level 1.0908 with a big red candle, I expect a further surge to the lower side. As long as EUR is sustained below the zone 1.1090-1.1079, I can only recommend bearish positions for this pair.

Trade recommendation

Wait for a correction to the zone 1.1090-1079 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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