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Wait for a correction to the level 1.0920 to buy EUR.

Wait for a correction to the level 1.0920 to buy EUR. | 02 February 2023

02 February 2023, EUR/USD

Technical observation

On the hourly chart above, price broke above the resistance level 1.0920 then rose with a big green candle, currently it is still trading with an increasing bullish bias above the same level and despite this upwards movement I expect a correction to the level I have mentioned above followed by a rejection at it. My advice, remain neutral and wait for a pullback to the level 1.0920 then buy a bounce at it with your take profit at 1.1063 and stop-loss at 1.0887. If there is a clear break above 1.1063, I expect the value of EUR to ascend further, on the other hand, I expect bearish movement of price in case of a break below the level 1.0920.

Trade recommendation

Wait for a correction to the level 1.0920 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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