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Pick long positions within 1.1579-1.1576

Pick long positions within 1.1579-1.1576 | 03 November 2021

03 November 2021, EUR/USD

Technical Observation

On the hourly chart above, price retraced to a supportive zone it established at 1.1579-1.1576 and it is currently trading within it with an increasing bearish bias. My expectation is a loss of this bearish movement within the zone I have mentioned above followed a by a rally to the upper side. I would advise you pick long positions right now within the supportive zone 1.1579-1.1576 with your take profit at 1.1622 and stop loss at 1.1559. I case price rises and breaks above the level 1.1622 with a big green candle, I expect it to ascend further to the resistance line 1.1665, on the other hand in case of a clear break below the zone 1.1579-1.1576, I expect price to descend towards 1.1540.

Trade recommendation

Buy EUR within at 1.1579-1.1576 with you take profit at 1.1622.

Imelda Maseno
Analyst of «FreshForex» company
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