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Wait for a correction to sell EUR

Wait for a correction to sell EUR | 05 September 2022

05 September 2022, EUR/USD

Wait for a correction to sell EUR

Technical observation

EUR is trading with an increasing bearish bias above the supportive level 0.9908 and my expectation is a continuation of this downwards to the level mentioned above followed by either a bounce at it or a clear break below it with a big red candle. My advice, remain neutral and wait for a correction to the resistance zone 1.0787-1.0268 to sell EUR with your take profit at 0.9908 and stop-loss at 1.0368, in case of a clear break below the level 0.9908 with a big red candle I expect the value of EUR to descend further after a pullback to the broken level, however, in case of a break above the zone 1.0787-1.0268, I expect bullish movements towards 1.0616.

Trade recommendation

Wait for a correction to the zone 1.0787-1.0268 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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