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Wait for a correction to 1.1667 to sell EUR

Wait for a correction to 1.1667 to sell EUR | 05 Oktober 2021

05 Oktober 2021, EUR/USD

Technical observation

EUR is trading with an increasing bearish bias between a supportive level 1.1564 and a resistance level 1.1667, despite this bearish movement I expect a rally to the upper side followed by a clear bounce at it to sell EUR. In case price does not retrace to the key level 1.1667 but instead it declines and clearly breaks below the supportive level 1.1564, I expect the value of this pair to descend further to the lower side after a correction to the broken line. My advice, remain flat and wait for a correction to the line 1.1667 and sell a bounce at it with your take profit at 1.1564 and stop loss at 1.1706. I can only recommend bullish positions above the level 1.1667.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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