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Wait for a correction to the zone 1.0622-1.0985

Wait for a correction to the zone 1.0622-1.0985 | 09 August 2022

09 August 2022, EUR/USD

Wait for a correction to the zone 1.0622-1.0985

Technical observation

On the chart above, price declined to the supportive level 1.0017 but did not break below it, instead it bounced at the same line and since then it has been trading with an increasing bullish bias. Today I expect a continuation of this bullish movement of price towards the resistance zone 1.0622-1.0985 followed by a rejection within it to pick short positions with my take profit at 1.0017 and stop-loss at 1.0382. A further surge to the lower side can be expected in case of a breakout below the level 1.0017 on the other hand, I can only recommend bullish positions in case of a break above the zone 1.0622-1.0985.

Trade recommendation

Wait for a correction to the zone 1.0622-1.0985 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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