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wait for a pullback towards 1.0772-1.0696

wait for a pullback towards 1.0772-1.0696 | 06 October 2022

06 October 2022, EUR/USD

wait for a pullback towards 1.0772-1.0696

Technical observation

On the weekly chart above price is trading with an increasing bullish bias above a supportive level 0.9541, and this week I expect a continuation of this upwards movement towards the resistance zone 1.0772-1.0696. My advice, remain neutral and wait for pullback to the zone indicated above then sell a bounce within it with your take profit at 0.9541 and stop-loss at 1.1186. If there is a clear beak above the zone I mentioned earlier with a big green candle, you can anticipate possible upwards movement of price towards the resistance level 1.1618 after a correction to the broken zone and a further surge to the lower side can be expected in case of a break below the level 0.9541.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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