Wait for a correction to the zone 1.0367-1.0325

23 September 2022, EUR/USD

Wait for a correction to the zone 1.0367-1.0325

Technical observation

EUR declined to the supportive level 0.9804 but did not break below it, instead it closed bearish above this level and today I expect bullish movements of price, the anticipated upwards movement is a correction to the resistance zone 1.0367-1.0325 and I expect a rejection within it to pick short positions with my take profit at 0.9804 and stop-loss at 1.0585. If there is a clear break below the level 0.9804 with a big red candle, I expect the value of EUR to descend further after a pullback to the broken line. On the chart above, I can only recommend bullish positions in case of a clear break above the zone 1.0367-1.0325.

Trade recommendation

Wait for a correction to the zone 1.0367-1.0325 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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