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Wait for a correction

Wait for a correction | 19 Agustus 2019

19 Agustus 2019, EUR/USD

Wait for a correction

Technical observation

On the 4-hour chart above, EUR is trading below a resistance line 1.1119 on an increasing bullish bias. I expect a loss of this movement at the line followed by a possible surge to the lower side to the supportive level 1.1025. Wait for a correction to 1.1119 and a rejection at it to sell EUR with your take profit at 1.1025 and stop loss at 1.1152, in case of a break below 1.1025, continue short with this pair after a correction to the just broken line. Long position may only be recommended in case of a clear breakout above the line 1.1119 with a big green candle followed by a retracement and a bounce at it.

Trade recommendation

Wait for a correction to 1.1119 and a rejection at it to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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