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Continue short towards 0.9737

Continue short towards 0.9737 | 10 November 2022

10 November 2022, EUR/USD

Continue short towards 0.9737

Technical observation

On the chart above price pulled back to the resistance zone 1.0089-1.0077 but did not break above it, instead it bounced within this zone and since then it has been trading with an increasing bearish bias. As long as price is sustained below this zone, I expect a continuation of this bearish movement towards the trend line as indicated above. My advice, if you sold EUR within the zone mentioned above, remain in the trade and pick your profits at the trend shown on the chart above with your stop-loss at 1.0191 and incase price penetrates below it with a big red candle, I expect the value of EUR to plummet further towards the supportive level 0.9737.

Trade recommendation

Remain short with your take profit at 0.9737.

Imelda Maseno
Analyst of «FreshForex» company
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