02 Oktober 2023, EUR/USD
Technical observation
On the chart above, the price declined to the supportive level 1.0489 but did not break below it, instead it bounced at this line and since then it has been trading with an increasing bullish bias, this upwards movement is a correction to the resistance zone 1.0770-1.0751 and I expect a possible rejection within it followed by a surge to the lower side. My advice, remain neutral and wait for a retracement to the zone indicated above then sell a bounce within it with your take profit at 1.0489 and stop-loss at 1.0847. If there is a clear break below the level 1.0489 with a big red candle, I expect the value of this pair to descend further after a pullback to the broken line.
Trade recommendation
Remain neutral.
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