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We are flat with EUR

We are flat with EUR | 19 August 2022

19 August 2022, EUR/USD

We are flat with EUR

Technical observation

EUR declined to the supportive level 1.0083 but could not break below it, instead it bounced at the same line and currently it is trading with an increasing bullish bias. Today I expect a continuation of this upwards movement to the resistance zone 1.0366-1.0349 followed by a rejection within it. My advice, remain flat and wait for a correction to the zone I have mentioned above then sell a bounce within it with your take profit at 1.0083 and stop-loss at 1.0452. If there is clear break below the level 1.0083 with a big red candle, a further surge to the lower side can be expected after a correction to the broken line and a bounce at it.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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