31 August 2022, EUR/USD
Technical observation
On the weekly chart, above price bounced at the supportive level 0.9968 and it is currently trading with an increasing bullish bias, this upwards movement is a correction to the zone it established at 1.0807-1.0742 and I expect a rejection within this zone to pick short positions with my take profit at 0.9968 and stop-loss at 1.1206. If there is a clear break below the level 0.9968 with a big red candle, I expect the value of the pair above to descend further after a pullback to the broken line, however, should there be a clear break above zone I mentioned earlier, I expect a momentum towards the resistance level 1.2455 after a correction to the broken zone.
Trade recommendation
Wait for a correction to the zone 1.0807-1.0742 to sell EUR.
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