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We're buyers for now | 20 October 2023

20 October 2023, EUR/USD

EURUSD is currently in a bullish corrective phase, with the market following the ABC corrective pattern. Although the price has formed a minor rising wedge, we expect it to drop, reaching at least 1.0506 before reversing to the upside impulsively. Our target lies at the resistance zone of 1.0742. It is not advisable to open a long position as it carries high risk. Instead, consider placing a long position after a pullback, with your profit target set between 1.0700 and 1.0742. This setup will be invalidated if the price breaks and closes below the support zone at 1.0464.

Trade Recommendations:
We're buyers for now
Bob Stan
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