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We are bearish towards 1.0461

We are bearish towards 1.0461 | 24 February 2023

24 February 2023, EUR/USD

We are bearish towards 1.0461

Technical observation

On the chart above price is trading with an increasing bearish bias between the supportive level 1.0461 and a resistance zone 1.0779-1.0706, I expect a continuation of this bearish movement to the supportive level indicated above followed by either a rejection at it or a clear break below it with a big red candle. My advice, if you are currently holding short positions with this pair, remain in the trade with your take profit at 1.0461 and stop-loss at 1.0875. If there is a clear break below the level 1.0461, I expect the value of EUR to decline further towards the key levels 1.0094 and 0.9631. On the chart above, I can only recommend bullish positions above the zone 1.0779-1.0706.

Trade recommendation

Remain short with your take profit at 1.0461.

Imelda Maseno
Analyst of «FreshForex» company
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