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Wait for a correction to sell EUR

Wait for a correction to sell EUR | 22 Juni 2021

22 Juni 2021, EUR/USD

Wait for a correction to sell EUR

Technical observation

On the hourly chart above price is trading with an increasing bearish bias between a supportive level 1.1851 and a resistance zone 1.1995-1.1987, despite this bearish movement, I expect a correction to the zone I have mentioned above followed by a rejection at it to pick short positions. My advice, remain flat and wait for a correction to the zone 1.1995-1.1987 and sell a bounce within it with your take profit at 1.1851 and stop loss at 1.2038. On the chart above, as long as price is contained below the zone mentioned above I can only recommend shot positions for this pair. In case of a penetration below the level 1.1851, i expect a further momentum to the lower side.

Trade recommendation

Wait for a correction to 1.1995-1.1987 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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