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Expecting a momentum towards 0.9532

Expecting a momentum towards 0.9532 | 22 February 2023

22 February 2023, EUR/USD

Technical observation

On The weekly chart above price retraced to the resistance zone 1.0832-1.0891 but did not break above it instead, it bounced within the same zone and since then it has been trading with an increasing bearish bias and as long as price is sustained below the zone I have indicated above, I expect a continuation of this downwards movement. My advice, remain short with EUR with your take profit at the supportive level 0.9532 and stop-loss at your stop-loss at 1.1243. If there is a clear break below the level 0.9532, wait for a correction and a rejection at it before you continue short with this pair.

Trade recommendation

Remain short with your take profit at 0.9532.

Imelda Maseno
Analyst of «FreshForex» company
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