We are neutral. | 23 Agustus 2022

23 Agustus 2022, EUR/USD

We are neutral.

Technical observation

On the 4 hour chart above, price declined to the supportive level 0.9950 and it is currently trading below the same line with an increasing bullish bias, I expect a continuation of this upwards movement to the resistance zone price established at 1.0287-1.0265 followed by a bounce within it to re-sell EUR. My advice, remain flat and wait for a correction to the zone indicated above the sell a bounce within it with your take profit at the level 0.9950 and stop-loss at 1.0368. In case of a clear penetration above the zone 1.0287-1.0265, I expect price to surge towards the resistance level 1.0596, or even higher to the level 1.0939.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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