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Looking to buy within the zone 1.0725-1.0711

Looking to buy within the zone 1.0725-1.0711 | 06 February 2023

06 February 2023, EUR/USD

Looking to buy within the zone 1.0725-1.0711

Technical observation

On the chart above price has been trading with an increasing bearish bias for some time now, this downwards movement is a pullback to the supportive zone 1.0725-1.0711 and I expect a possible rejection within it followed by a momentum to the upper side. My advice, remain flat and wait for a correction to the zone I have mentioned above then buy a bounce within it with your take profit at 1.1064 and stop-loss at 1.0636. If there is a clear break above the level 1.1064, I expect the value of EUR to ascend further after a pullback to the broken line, on the other hand in case of a break below the zone 1.0725-1.0711; I expect a rally towards 1.0218.

Trade recommendation

Wait for a correction to the zone 1.0725-1.0711 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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