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We're sellers for now | 26 October 2023

26 October 2023, EUR/USD

We're sellers for now

EURUSD is currently exhibiting strong bullish momentum. It's important to recognize that this pair is still in a corrective phase, following an ABC corrective pattern. The price has been declining sharply to the downside and currently resides near a support zone at 1.0562. We anticipate that the price will breach this support level and decline further, possibly reaching as low as 1.0492, before making an impulsive reversal to the upside from this point. Please note that this setup will no longer be valid if the price breaks and closes below the 1.0492 support zone. You may consider entering a long position at 1.0492, with a profit target set in the range of 1.0716 to 1.0735.

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We're sellers for now

Bob Stan
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