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Wait | 29 August 2022

29 August 2022, EUR/USD

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Technical observation

Last week the value of the pair above sent tail to the level 1.0091 then closed bearish below the resistance zone 1.0106-1.0091, however today I expect bullish movements to the zone I have mentioned above followed by a rejection within it to pick short positions with my take profit at 0.9898 and stop-loss at 1.0189. If price hits this take profit and clearly breaks below it with a big red candle, I expect it to plummet further after a correction to the broke line, on the other hand, should there be a clear break above the zone 1.0106-1.0091 with a big green candle, I expect the value of EUR to ascend towards the resistance level 1.0344 or higher to the level 1.0597.

Trade recommendation

Remain neutral

Imelda Maseno
Analyst of «FreshForex» company
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