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Expecting a pullback to the zone 1.0830-1.0773

Expecting a pullback to the zone 1.0830-1.0773 | 30 August 2022

30 August 2022, EUR/USD

Technical observation

On the daily chart above price is trading with an increasing bullish bias above the supportive level 0.9906, this upwards movement is a correction to the zone it established at 1.0830-1.0773 and I expect a rally to it followed by a rejection within it to pick short positions with my take profit at 0,9906 and stop-loss at 1.1090. If there is a clear break below the level 0.996 with a big red candle, I expect the value of EUR to descend further after a correction to the broken line, on the other hand should there be a clear penetration above the zone I mentioned earlier, I expect possible bullish movements of price towards the resistance level 1.1459.

Trade recommendation

Wait for a correction to the zone 1.0830-1.0773 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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