61.8% Correction Zone on EUR/USD

61.8% Correction Zone on EUR/USD

There is an interesting technical pattern on the EUR/USD currency pair. The trading instrument has recovered most of the losses after a significant decline in the middle of this month. At the moment, quotes are consolidating near 61.8% correction zone. The EUR/USD is tending to decrease. The local support is 1.16700. We recommend paying attention to this situation.

If the price fixes below 1.16700, it is necessary to consider sales of EUR/USD. The closest target for fixing profits is the mark of 1.16150. In the medium term, EUR/USD may reach 1.15500-1.15250. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.06.26

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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