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Wait | 29 August 2023

29 August 2023, EUR/USD

Technical observation

On the weekly chart above the price is pulling back to the resistance zone it established at 1.2452-1.2342 and I expect a rise to this zone followed by a possible rejection within it or a clear break above it with a big green candle. My advice, remain flat and wait for a correction to the zone indicated above then sell a bounce within it with your take profit at 0.9532 and stop-loss at 1.2972, if there is a clear break below the level 0.9532 with a big red candle, wait for a pullback to the broken line before you continue short, on the other hand, buy EUR towards the key levels 1.3987, 1.5135 in case of a clear break above the zone 1.2452-1.2342.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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