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Wait for a correction to the zone 1.0801-1.0789

Wait for a correction to the zone 1.0801-1.0789 | 15 May 2023

15 May 2023, EUR/USD

Wait for a correction to the zone 1.0801-1.0789

Technical observation

The value of the pair on the chart above is trading with an increasing bearish bias above the supportive zone it established at 1.0801-1.0789 and today I expect a continuation of this downwards movement towards the same zone followed by a possible rejection within it. My advice, remain flat and wait for a correction to the zone indicated above then buy a bounce within it with your take profit at 1.1081 and stop-loss at 1.0713. If price is not sustained above the zone I mentioned earlier but clearly breaks below it with a big red candle, I expect the value of EUR to plummet towards the supportive level 1.0460 or lower.

Trade recommendation

Wait for a correction to the zone 1.0801-1.0789 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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