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Expecting a rally towards 1.0460.

Expecting a rally towards 1.0460. | 15 March 2023

15 March 2023, EUR/USD

Technical observation

On the 4 hour chart above the price pulled back to the resistance zone 1.0754-1.0766 as I had anticipated and it did not break above it, instead it bounced within the same zone and currently it is trading with an increasing bearish bias. Today I expect a continuation of this downwards movement of price and in case you are currently holding short positions with EUR I recommend that you remain in the trade with your take profit at 1.0460 and stop-loss at, in case of a clear penetration below the level 1.0460, I expect a further surge to the lower side, and the key levels to look for include 1.0154 and the level 0.9740.

Trade recommendation

Remain short with your take profit at 1.0460.

Imelda Maseno
Analyst of «FreshForex» company
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