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Wait | 24 August 2023

24 August 2023, EUR/USD

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Technical observation

On the chart above the price declined to the supportive level 1.0802 then bounced at it and currently it is trading with an increasing bullish bias, this upwards movement is a correction to the resistance zone 1.1044-1.1038 and I expect a rise to this zone followed by a bounce within it to re-sell EUR with my take profit at 1.0802 and stop-loss at 1.1077. If the price descends below the supportive level 1.0802, I expect it to plummet further to the lower side; on the other hand, I anticipate possible bullish movements of price towards the key level 1.1187 in case of a clear break above the resistance zone 1.1044-1.1038.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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