We're buyers for now | 16 Oktober 2023

16 Oktober 2023, EUR/USD

We're buyers for now

EURUSD is currently in a bullish corrective phase and an impulsive phase. Although, for the better part of last week, the price was very bearish, the overall trend remains bullish. The market is currently forming the corrective ABC pattern. From the chart above, we can see that the price is forming the minor corrective wave 'a,' with our target set at the resistance zone 1.0742. We anticipate the price to rise, reaching at least 1.0742. You can open a long position now with a profit target ranging from 1.0700 to 1.0742. Please note that this setup will be invalidated if the price breaks and closes below the support zone at 1.0454.

Trade Recommendations:

We're buyers for now

Bob Stan
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