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We're short for now

We're short for now | 09 August 2023

09 August 2023, EUR/USD

We're short for now

EURUSD is exhibiting a notable decline, aligning with our previous analysis from August 8th, 2023. The market remains entrenched in a bearish impulsive phase. As evident from the chart above, the market is currently in the process of forming the outer wave 'V'. Our projection encompasses a descent, with an initial target set at 1.0953, followed by a final target at 1.0869. Notably, the zone at 1.0953 represents a significant support level; the validity of this setup would be compromised if the market fails to breach this point. For those engaging in sell trades, a prudent step would be to adjust the stop loss to breakeven. Additionally, consideration can be given to introducing further sell orders following a price breakthrough below the support zone at 1.0935, with a target range spanning from 1.0953 to 1.0869.

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We're short for now

Bob Stan
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