Wait for a second correction to 1.1665-1.1626 to sell EUR | 18 Oktober 2021

18 Oktober 2021, EUR/USD

Wait for a second correction to 1.1665-1.1626 to sell EUR

Technical observation

Last week EUR retraced to the resistance zone 1.1665-1.1626 and it closed bullish just below it, this week’s candle is currently trading with an increasing bearish bias below the same zone and there is a possibility of either a rally to lower side or a loss of this bearish movement followed by a momentum to the upper side. My advice, remain flat and wait for a second retracement to the zone I have mentioned above followed by rejection within it to sell EUR with your take profit at 1.0826 and stop loss at 1.1878. In case price is not contained below the zone 1.1665-1.1626 but instead it penetrates above it, I anticipate a possible surge to the upper side.

Trade recommendations

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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