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Wait for a correction to sell EUR

Wait for a correction to sell EUR | 03 May 2022

03 May 2022, EUR/USD

Wait for a correction to sell EUR

Technical observation

On the weekly chart above price declined and hit our take profit at 1.0694 then broke below it with a big red candle and this week it also opened bearish however, I expect a loss of this downwards movement followed by a correction to the level I have mentioned above and a rejection at it to pick short positions with my take profit at 1.0330 and stop-loss at 1.0939. In case of a clear break below the level 1.0330, I expect a further surge to the lower side after a pullback to the broken line; on the other hand, if clearly breaks above the key level 1.0694, you can expect a momentum towards the resistance zone 1.1541-1.1495.

Trade recommendation

Wait for a correction to the level 1.0694 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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