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Expecting a surge to 0.9988

Expecting a surge to 0.9988 | 02 August 2022

02 August 2022, EUR/USD

Expecting a surge to 0.9988

Technical observation

On the 4 hour chart above price pulled back to the resistance zone it established at 1.0271-1.0257 but could not break above it, instead it bounced within the zone and currently it is trading with an increasing bearish bias. As long as the value of EUR is sustained below the zone I have mentioned above, I expect a continuation of this downwards movement towards the supportive level 0.9988 followed by either a clear break below it with a big red candle or a rejection of price at it. If you are picked short positions within the zone 1.0271-1.0257 after a bounce, remain in the trade with your take profit at 0.9988 and stop-loss at 1.0357.

Trade recommendation

Remain short with your take profit at 0.9988.

Imelda Maseno
Analyst of «FreshForex» company
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