Wait | 29 September 2023

29 September 2023, EUR/USD

Wait

Technical observation

EUR declined to the supportive level 1.0489 then bounced at it and since then it has been trading with an increasing bullish bias. This upwards movement is a correction to the resistance zone the price established at 1.0770-1.0751 and I expect either a bounce within this zone or a clear break above it with a big green candle. My advice, remain neutral and wait for a pullback to the zone I have mentioned above then re-sell EUR within it with your take profit at 1.0489 and stop-loss at 1.0865. If there is a break below the level 1.0489, continue short with this pair after a retracement to the broken line.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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