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Wait for a correction

Wait for a correction | 18 April 2022

18 April 2022, EUR/USD

Technical observation

On the chart above price declined up to the supportive level 1.0768 but could not break below it, however price bounced at the same level and it is currently trading with an increasing bullish bias. I expect a continuation of this upwards movement to the resistance zone 1.1160-1.1132 followed by a rejection within it to pick long positions with my take profit at 1.0768 and stop loss at 1.1303. In case of a clear break below the supportive level 1.0768, I expect further bearish movements of price but in case of a break above the zone 1.1160-1.1132 with a big green candle, I expect a possible momentum to the upper side.

Trade recommendation

Wait for a correction to the zone 1.1160-1.1132 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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