Wait for a correction | 04 Oktober 2018

04 Oktober 2018, EUR/USD

Wait for a correction

Technical observation

EUR/USD failed to pull back to the resistance zone 1.1853-1.1824 but instead broke down below the key support line 1.1539 and is still rallying below it. I expect a correction to the just broken zone followed by a bounce from it for possible bearish momentum of price towards 1.1344 and a possible breach below it too for a further decline in price. I already picked my profits at 1.1539 so I am waiting for a correction to 1.1539 and a rejection at it to re-sell EUR with my take profit at 1.1344 and stop loss around 1.1620.In case of a clear breach below 1.1344, wait for a correction to it before you continue short with EUR.

Technical levels

Resistance levels

R1.1.1647

R2.1.169

R3.1.1772

Pivot

1.1614

Support levels

S1.1.1565

S2.1.1526

S3.1.1444

Trade signal

Wait for a correction to 1.1539 to sell EUR.

Do you know against which currencies EUR is the most profitable?

Wait for a correction

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Imelda Maseno
Analyst of «FreshForex» company
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