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Wait | 01 March 2023

01 March 2023, EUR/USD

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Technical observation

On the 4 hour chart above price is trading with an increasing bullish bias between the supportive level 1.0461 and a resistance zone 1.0784-1.0796, this upwards movement is a pullback to the zone I have indicated above and I expect a possible rejection within it followed by a surge to the lower side. My advice, remain flat and wait for a correction to the zone I have mentioned above then sell a bounce within it with your take profit at 1.0461 and stop-loss at 1.0876. In case of a penetration below the level 1.0461, you can expect the value of this pair to plummet further towards the supportive levels 1.0094 and 0.9631.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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