Forex Technical Analysis: Trend potential – Wait for a correction to 1.1324 to buy EUR.

EURUSD – Up

Wait for a correction to 1.1324 to buy EUR.

Technical observation

EUR corrected itself significantly to the upper side penetrating above a key level 1.1324 before pulling back to it, currently it is retracing to the just broken level and I expect a bounce at it for bullish momentum towards 1.1407.If you were a bit sceptic to buy this pair on the first correction to 1.1324 you can buy it after the current retracement closes at it with your take profit at 1.1407 and stop loss at 1.1299.Should there be a clear breach above 1.1413 then more bullish price rally towards 1.1476 can be expected. At the moment with price above 1.1324, sell positions look a bit risky and may not be recommended on the hourly chart above.

Trade recommendation

Wait for a correction to 1.1324 to buy EUR.

You may check other analytical reviews on FreshForex website. Source: freshforex.com.