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Wait for a correction to sell EUR

Wait for a correction to sell EUR | 24 August 2022

24 August 2022, EUR/USD

Wait for a correction to sell EUR

Technical observation

This week the value of the commodity on the chart above opened bearish above the supportive level 0.9902 and I expect it to close at same level. If you are currently holding short positions with the pair above, remain in the trade and pick your profits at the line 0.9902, however, in case you are neutral with EUR, remain flat and wait for a correction to the resistance zone 1.0771-1.0696 then sell a bounce within it with your take profit at 0.9902 and stop-loss at 1.1186. Should there be a clear penetration below the level 0.9902 with big red candle, I expect the value of EUR do descend further after a correction to the broken line.

Trade recommendation

Remain neutral

Imelda Maseno
Analyst of «FreshForex» company
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