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Wait | 01 September 2023

01 September 2023, EUR/USD

Technical observation

On the weekly chart above, the value of EUR opened bullish and this week I expect it to close green, this upwards movement is a correction to the resistance zone 1.2452-1.2342 and I expect a possible rejection within it followed by a rally to the lower side. My advice, remain neutral and wait for a correction to the zone indicated above then sell a bounce within it with your take profit at 1.1290 and stop-loss at 1.2902. If there is a clear breakout below the level 1.1290, I expect the value of this pair to plunge towards 0.9532 or lower. As it is on the chart above, I can only recommend bullish positions above the zone 1.2452-1.2342.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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