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We are neutral.

We are neutral. | 02 November 2022

02 November 2022, EUR/USD

We are neutral.

Technical observation

The value of the pair on the weekly chart above opened bearish and it is still showing signs of rallying to the lower side, however, despite this downwards movement, I anticipate a correction to the resistance zone 1.0696-1.0758 followed by a rejection of price within it. 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 1.1186. If there is a clear break below the level 0.9532 with a big red candle, I expect the value of this pair to descend further to the lower side after a correction and a rejection of price at the broken line.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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