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Wait for a retracement to the zone 1.1053-1.1.0994 to buy EUR.

Wait for a retracement to the zone 1.1053-1.1.0994 to buy EUR. | 01 August 2023

01 August 2023, EUR/USD

Wait for a retracement to the zone 1.1053-1.1.0994 to buy EUR.

Technical observation

EUR rose above the zone 1.1053-1.1.0994 and it is currently trading above it with an increasing bearish bias, this downwards movements a correction to the zone mentioned above and I expect a rejection of price within I followed by a rally to the upper side. My advice, remain neutral and wait for a second correction to the zone I have mentioned above then buy a bounce within it with your take profit at 1.2461 and stop-loss at 1.0713. If there is clear break above the level 1.2461, I expect the price to ascend further towards the resistance level 1.5013 or higher. As it is on the chart above, I can only recommend short positions below the zone 1.1053-1.1.0994.

Trade recommendation

Wait for a second retracement to the zone 1.1053-1.1.0994 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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