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we are flat

we are flat | 07 July 2022

07 July 2022, EUR/USD

Technical observation

On the hourly chart above price declined to the supportive level 1.0161 but could not break below it, instead, it bounced at the level and for some time now it has been trading with an increasing bullish bias. This upwards movement is a correction to the resistance level 1.0268 and I expect a rise to the same line followed by a rejection at it to re-sell EUR with my take profit at 1.0161 and stop-loss at 1.0307. Should there be a clear break below the level 1.0161 with a big red candle I expect price to plummet further after a correction to the broken line. As it is on the chart above, I can only recommend bullish positions above the level 1.0268.

Trade recommendation

Wait for a correction to the level 1.0268 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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