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Remain flat.

Remain flat. | 17 October 2022

17 October 2022, EUR/USD

Remain flat.

Technical observation

On the daily chart above price is trading with an increasing bearish bias slightly above the supportive level 0.9534 and my expectation is a decline to this line followed by either a clear break below it with a big red candle, or a rejection of price at it. If there is a rejection of price at the level mentioned above, I expect a correction to the resistance zone 1.0367-1.0325 to re-sell EUR with my take profit still at 0.9534 and stop-loss at 1.0585 and in case of a break below the level 0.9534, wait for a correction to it before you continue short with this pair, on the chart above, I can only recommend bullish positions in case of a break above the zone 1.0367-1.0325.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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