Wait for a correction to the zone 1.0742-1.0696 | 19 October 2022

Technical observation

On the weekly chart above price is trading with an increasing bullish bias above the supportive level 0.9536, this upwards movement is a correction to the resistance zone price established at 1.0742-1.0696 and I expect a rejection within this zone 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 1.1140. If there is a clear break below the level 0.9536, I expect the value of EUR to surge further to the lower side; however, in case of a break above the zone 1.0742-1.0696, I expect a momentum towards the level 1.1499.

Trade recommendation

Wait for a correction to the zone 1.0742-1.0696 to sell EUR.