Expecting a rally towards 1.0595. | 28 Juli 2023

28 Juli 2023, EUR/USD

Technical observation

EUR retraced to the resistance zone but did not break above it, instead it bounced within it and since then it has been trading with an increasing bearish bias, today I expect a further surge to the lower side and in case you are already holding a short positions with this pair, remain in the trade with your take profit at 1.0595 and stop-loss at 1.1460, If there is a penetration below the level 1.0595, I expect the price to plummet further towards the supportive level 1.0319 or lower to 0.9533, on the other hand should there be a clear break above the zone 1.1236-1.1194, I anticipate bullish movements towards the level 1.1679.

Trade recommendation

Remain short with your take profit at 1.0595.

Imelda Maseno
Analyst of «FreshForex» company
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