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Wait for a correction to the zone 1.0410-1.0367

Wait for a correction to the zone 1.0410-1.0367 | 08 Diciembre 2022

08 Diciembre 2022, EUR/USD

Technical observation

On the daily chart above, price did not rally to the lower side but instead rose above the resistance zone 1.0410-1.0367 and it is currently trading above the just broken zone with an increasing bullish bias. My expectation is a loss of this upwards movement followed by a correction to the zone indicated above and a bounce within it to pick bullish positions with my take profit at 1.1123 and stop-loss at 1.0159. A further surge to the upper side can be expected in case of a clear break above the level 1.1123; on the other hand, if price is not sustained above the zone 1.0410-1.0367, I expect it to plummet towards the supportive level 0.9596.

Trade recommendation

Wait for a correction to the zone 1.0410-1.0367 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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