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Wait for a correction to 1.2235-1.2192 to sell EUR

Wait for a correction to 1.2235-1.2192 to sell EUR | 07 May 2018

07 May 2018, EUR/USD

Wait for a correction to 1.2235-1.2192 to sell EUR

Technical observation

On the weekly chart above, EURUSD broke down below a support zone 1.2235-1.2192 with a big red candle and is currently below it.I expect a correction to the just broken zone and a rejection of price from it for bearish movement of price towards 1.1739 and a breakout below it for a further decline in price towards 1.1387.I would advise you wait for the correction to the zone then short EUR on the second on to the zone with your take profit at 1.2739 and stop loss around 1.2557.In case of a breakout below 1.1387,continue long with EUR after the second retracement to it. Only buy if price goes above 1.2235-1.2192.

Technical levels

Resistance levels

R1.1.2097

R2.1.2232

R3.1.2461

Pivot

1.2004

Support levels

S1.1.1869

S2.1.1775

S3.1.1547

Trade signal

Sell EUR after the second correction to 1.2235-1.2192 with your take profit at 1.2739 and stop loss around 1.2557.

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Imelda Maseno
Analyst of «FreshForex» company
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