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Remain flat.

Remain flat. | 18 August 2022

18 August 2022, EUR/USD

Remain flat.

Technical observation

On the chart above price is trading with an increasing bullish bias below the resistance zone 1.0285-1.0266, this upwards movement is a correction to the zone I have mentioned above and I expect a rise to the same zone followed by a rejection of price within it to pick short positions with my take profit at 0.9950 and stop-loss at 1.0367. In case of a clear break below the level 0.9950 with a big red candle, I expect the value of EUR to decline further after a correction to the broken line, on the other hand if there is a clear break above the zone 1.0285-1.0266, I expect price to ascend towards the resistance level 1.0608.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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