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Expecting a correction to the zone 1.0777-1.0740

Expecting a correction to the zone 1.0777-1.0740 | 08 July 2022

08 July 2022, EUR/USD

Technical observation

On the daily chart above price declined to the supportive level 1.0153 and currently it is trading at it with an increasing bearish bias, I expect a loss of this bearish movement followed by a correction to the resistance zone 1.0777-1.0740. My advice, remain flat and wait for a correction to the zone mentioned above then sell a bounce at it with your take profit at 1.0153 and stop-loss at 1.0980. In case of a clear break below the level 1.0153 with a big red candle, I expect the value of the pair above to descend further after a correction to the broken line. As long as price is sustained below the zone 1.0777-1.0740, I can only recommend bullish positions.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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