Expecting a rally to 1.0123 | 15 Agustus 2022

15 Agustus 2022, EUR/USD

Expecting a rally to 1.0123

Technical observation

On the chart above price is trading with an increasing bearish bias below the resistance level 1.0349 and as long as it remains below this line, I expect a continuation of this downwards movement towards the supportive zone 1.0123-1.0109. If you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.0123 and stop-loss at 1.0437. In case there is a clear break below the zone indicated above with a big red candle, wait for a pullback to it and a bounce before you continue short towards the key level 0.9951. I can only recommend bullish positions in case of a break above the level 1.0349.

Trade recommendation

Remain short with your take profit at 1.0123.

Imelda Maseno
Analyst of «FreshForex» company
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