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Expecting a correction to 1.1483-1.1461

Expecting a correction to 1.1483-1.1461 | 28 February 2022

28 February 2022, EUR/USD

Expecting a correction to 1.1483-1.1461

Technical observation

On Friday the value of EUR rose with a big green candle however, it could not reach the resistance zone 1.1483-1.1461. The upwards movement was a correction to the zone I have mentioned above and today I expect the price to rally further upwards to the zone I have mentioned above. My advice, remain flat and pick short positions within the zone 1.1483-1.1461 after a bounce with your take profit at 1.1120 and stop-loss at 1.1591. In case EUR is not sustained below the zone 1.1483-1.1461 but clearly breaks above it with a big green candle, bullish movements of price towards level 1.1716 can be expected after a correction to the broken zone.

Trade recommendation

Wait for a correction to the zone 1.1483-1.1461 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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