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Wait | 05 September 2023

05 September 2023, EUR/USD

Technical observation

Last Week the value of this pair declined a trend line as indicated above but did not break below it instead it bounced around 1.0791 and this week the price opened bullish. This upwards movement is a correction to the resistance zone 1.2452-1.2342 and I anticipate a possible rejection within it or a clear break above it with a big green candle. My advice, if there is a bounce within the zone mentioned above, short EUR within the same zone towards the level 1.1232, on the other hand, in case of clear penetration above the zone 1.2452-1.2342, wait for a correction to this zone before you pick bullish positions towards level 1.3987.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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