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Wait for a correction to the zone 1.0367-1.0320

Wait for a correction to the zone 1.0367-1.0320 | 21 October 2022

21 October 2022, EUR/USD

Wait for a correction to the zone 1.0367-1.0320

Technical observation

On the daily chart above, price is trading with an increasing bearish bias slightly above the supportive level 0.9536, however, I expect a loss of this downwards movement followed by a correction to the resistance zone 1.0367-1.0320. My advice, remain neutral and wait for a pullback to the zone indicated above then sell a bounce within it with your take profit at 0.9536 and stop-loss at 1.0643, if there is a clear break below the level 0.9536 with a big red candle, you can expect the value of EUR to plummet further to the lower side. On the chart above, I can only recommend bullish positions in case of a clear break above the zone 1.0367-1.0320.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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