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EUR/USD a probability for a correction before a new sell

euro dollar fx session chart

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Forex EUR / USD technical levels

The most traded forex pair found support during the Asian session after the plunge yesterday. The surprise that the ECB brought yesterday led to a serious sell-off, but the levels are still not suitable for new short positions. It is good to wait for a correction of at least 1,1700 where 50% Fibonacci is the level of the big daily bar.

Consolidation from the Asian hours between 1.1585 and 1.1548 creates a probability of expecting a correction before we begin to sell again.

The probable scenario after the start of European stock trading session are two: Break below 1.1548 and a new downward impulse that is more likely to be a short-lived or break above 1.1585 and a correction to 1.17 to look for a new short.

Chart: Used with permission of Bloomberg Finance L.P.


 Trader Nikolay Georgiev

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