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Wait for a pullback to the zone 1.759-1.0696

Wait for a pullback to the zone 1.759-1.0696 | 08 November 2022

08 November 2022, EUR/USD

Wait for a pullback to the zone 1.759-1.0696

Technical observation

The pair on the chart above is trading with an increasing bullish bias slightly above the supportive level 0.9532, this upwards movement is a correction to the resistance zone 1.0759-1.0696 and I expect a rejection within it. My advice, remain flat and wait for a correction to the zone indicated above then sell a bounce within it with your take profit at 0.9532 and stop-loss at 1.1242. If there is a clear break below the level 0.9532 with a big red candle, I expect the value of this pair to plummet further to the lower side after a correction to the broken line, on the other hand, if there is a clear break above the zone 1.759-1.0696, I expect rally towards the level 1.2258.

Trade recommendation

Wait for a correction to the zone 1.759-1.0696 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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