25 August 2022, EUR/USD
Technical observation
EUR bounced at the supportive level 0.9923 and since then it has been trading with an increasing bullish bias. Today I expect a continuation of this upwards movement to the resistance zone 1.0269-1.0285 followed by a bounce within it to pick short positions with my take profit at 0.9923 and stop-loss at 1.0368. If there is a clear break below the supportive level 0.9923 with a big red candle, I expect the value of EUR to decline further a correction to the broken line, on the other hand, should there be a clear penetration above the zone 1.0269-1.0285, I expect price to ascend towards the resistance level 1.0597.
Trade recommendation
Wait for a correction to the zone 1.0269-1.0285 to sell EUR.
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