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Remain neutral.

Remain neutral. | 11 October 2022

11 October 2022, EUR/USD

Remain neutral.

Technical observation

EUR is trading with an increasing bearish bias slightly above the supportive level 0.9538 and my expectation is a continuation of this downwards movement to the level mentioned above followed by either a clear break below it with a big red candle, or a rejection of price at it. In case of a bounce at the level I have indicated above, wait for a correction of price to the resistance zone it established at 1.0367-1.0325 to sell EUR with your take profit at 0.9538 and stop-loss at 1.0617, on the other hand, if there is a clear break below the level 0.9538, wait for a correction and rejection of price at it before you pick short positions.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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