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Wait for a correction to re-sell EUR

Wait for a correction to re-sell EUR | 29 September 2022

29 September 2022, EUR/USD

Wait for a correction to re-sell EUR

Technical observation

This week the value of the pair above has been trading with an increasing bullish bias and I still expect a further rally to the upper side for the remaining days of the week. The anticipated upwards movement is a pullback to the resistance zone price established at 1.0742-1.0696 and I expect a bounce within it to pick short positions. My advice, remain neutral and wait for a correction to the zone indicated above then sell a bounce within it with your take profit at 0.9536 and stop-loss at 1.1146. On the chart above, as long as price is sustained below the zone 1.0742-1.0696 I can only recommend bearish positions for EUR.

Trade recommendation

Wait for a correction to the zone 1.0742-1.0696.

Imelda Maseno
Analyst of «FreshForex» company
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