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Wait for a correction to the level 1.0411

Wait for a correction to the level 1.0411 | 06 September 2022

06 September 2022, EUR/USD

Wait for a correction to the level 1.0411

Technical observation

On the weekly chart above price declined and broke below the supportive level 1.0411 and it is currently trading slightly below the just broken line with an increasing bullish bias, this upwards movement is a correction to the level 1.0411 and I expect a rejection of price at it to pick short positions with my take profit at 0.9594 and stop-loss at 1.0734. If price is not sustained below the level 1.0411 but clearly breaks above it with a big green candle, wait for a correction to the resistance zone 1.1538-1.1458 then sell a bounce within it. As it is on the chart above, I can only recommend bullish positions in case of a break above the zone.

Trade recommendation

Wait for a correction to the level 1.0411 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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