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Wait for a correction to the zone 1.0325-1.0367

Wait for a correction to the zone 1.0325-1.0367 | 03 October 2022

03 October 2022, EUR/USD

Wait for a correction to the zone 1.0325-1.0367

Technical observation

EUR declined to the level 0.9591 then bounced at it and since then it has been trading with an increasing bullish bias, this upwards movement is a correction to the zone 1.0325-1.0367 and I expect a bounce within it. My advice, remain neutral and wait for a correction to the zone indicated above then pick short positions within it after a bounce with your take profit at 0.9591 and stop-loss at 1.0617. In case of a break below the level 0.9591, i expect the value of EUR to plummet further after a correction to the broken line on the other hand, if there is a break above the zone 1.0325-1.0367; I expect bullish movements towards the level 1.1123.

Trade recommendation

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

Imelda Maseno
Analyst of «FreshForex» company
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