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Wait | 07 December 2022

07 December 2022, EUR/USD

Technical observation

EUR rose to the level but did not break above it, instead it bounced at this line and currently it is trading with an increasing bearish bias. This downwards movement is a correction to the supportive zone price established at 1.0219-1.0199 and I expect a rejection of price within it to pick bullish positions with my take profit at 1.0591 and stop-loss at 1.0089. In case of a clear break above the level 1.0591 with a big green candle, I expect the value of EUR to rally further to the upper side, on the other hand, should there be a penetration below the zone I mentioned earlier, I expect price to surge towards the level 0.9857.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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