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we are bearish towards 0.9990

we are bearish towards 0.9990 | 08 August 2022

08 August 2022, EUR/USD

we are bearish towards 0.9990

Technical observation

EUR pulled back to the resistance zone 1.0287-1.0268 but did not break above it, however, it bounced slightly below the same zone and since then it has been trading with an increasing bearish bias, as long as price is sustained below the zone I have indicated above, I expect it to surge towards the supportive level 0.9990. Should there be a rejection of price at the supportive level 0.9990, I expect it to retrace to the zone I mentioned previously in order to re-sell EUR, and in case of a clear breakout below the same line with a big red candle, I expect the value of EUR to descend further after a correction to the broken line.

Trade recommendation

Remain short with your take profit at 0.9990.

Imelda Maseno
Analyst of «FreshForex» company
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