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Wait for a correction to buy EUR

Wait for a correction to buy EUR | 12 December 2022

12 December 2022, EUR/USD

Technical observation

EUR has been trading with an increasing bearish bias below the resistance level 1.0591 for a while now and today I expect a continuation of this downwards movement. The anticipated momentum to the lower side is a pullback to the supportive zone 1.0219-1.0199 and I expect a rejection within it to pick bullish positions, my advice, remain flat and wait for a correction to the zone mentioned above then buy a bounce within it with your take profit at 1.0591 and stop-loss at 1.0089. If there is a clear break above the level 1.0591, I expect the value of this pair to rally further to the upper side after a correction to the broken line.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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