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Wait for a correction to re-sell EUR

Wait for a correction to re-sell EUR | 27 October 2022

27 October 2022, EUR/USD

Wait for a correction to re-sell EUR

Technical observation

On the weekly chart above, price declined to the supportive level 0.9532 but could not break below it, instead it bounced at the same line and since then it has been trading with an increasing bullish bias. This upwards movement is a correction to the resistance zone price established at 1.0696-1.0759 and I expect a possible rejection within it to re-sell EUR. My advice, remain flat and wait for a pullback to the zone indicated above then sell a bounce within it with your take profit at 0.9532 and stop-loss at 1.1192. On the chart above, as long as price is sustained below the zone 1.0696-1.0759, I can only recommend short positions for EUR.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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