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Wait for a correction to the zone 1.0778-1.0789

Wait for a correction to the zone 1.0778-1.0789 | 17 April 2023

17 April 2023, EUR/USD

Wait for a correction to the zone 1.0778-1.0789

Technical observation

On the 4 hour chart above, the price rose to the resistance level 1.1071 then bounced at it and it is currently trading with an increasing bearish bias, this downwards movement is a pull back to the supportive zone1.0778-1.0789 and I expect a possible bounce within it. My advice, remain flat and wait for a correction to the zone I have mentioned above then buy a bounce within it with your take profit at 1.1071 and stop-loss at 1.0702, in case of a break below the zone indicated above, I expect the price to plummet to the lower side after a correction to the broken zone, on the other hand, in case if a break above the level 1.1071, I expect a surge to the upper side.

Trade recommendation

Wait for a correction to the zone 1.0778-1.0789 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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