Expecting a surge towards 1.0319. | 16 Oktober 2023

16 Oktober 2023, EUR/USD

Expecting a surge towards 1.0319.

Technical observation

On the chart above, the price is trading with an increasing bearish bias between the supportive level 1.0319 and the resistance zone 1.0770-1.0795 and as long as it is sustained below the zone I have mentioned above, I expect it to plunge even further. If you are already holding short positions with this pair, I recommend that you remain in the trade with your take profit at 1.0319 and stop-loss at 1.0962. Should there be a clear break below the level 1.0319 with a big red candle, I expect the value of EUR to plunge further towards the supportive level 0.9533 or lower.

Trade recommendation

Remain short with your take profit at 1.0319.

Imelda Maseno
Analyst of «FreshForex» company
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