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Wait for a correction to the zone 1.0742-1.0696

Wait for a correction to the zone 1.0742-1.0696 | 17 August 2022

17 August 2022, EUR/USD

Wait for a correction to the zone 1.0742-1.0696

Technical observation

On the weekly chart above price is trading with an increasing bearish bias slightly above the supportive level 0.9955, however, I expect a loss of this bearish movement followed by a surge towards the resistance zone 1.0742-1.0696. The anticipated upwards movement is a correction to the zone I have mentioned above and I expect a rejection of price within it to pick short positions with my take profit at 0.9955 and stop-loss at 1.1182. If there is a clear break below the level 0.9955 with a big red candle, I expect a further surge to the lower side after a correction to the broken line. I can only recommend bullish positions above the zone 1.0742-1.0696.

Trade recommendation

Wait for a correction to the zone 1.0742-1.0696 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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