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Remain short with your take profit at 1.0240.

Remain short with your take profit at 1.0240. | 07 April 2023

07 April 2023, EUR/USD

Remain short with your take profit at 1.0240.

Technical observation

On the chart above the price bounced within the zone 1.0985-1.0953 then declined with a big red candle and as long as it is sustained below the zone I have mentioned above, I expect a continuation of this downwards movement. If you sold a bounce within the zone indicated above, remain in the trade with your take profit at 1.0240 and stop-loss at 1.1249. In case of a penetration below the level 1.0240, I expect the value of this pair to plummet further towards the key level 0.9533; on the other hand if there is a break above the zone 1.0985-1.0953, I expect the price to ascend towards the resistance levels 1.1679 and 1.2353.

Trade recommendation

Remain short with your take profit at 1.0240.

Imelda Maseno
Analyst of «FreshForex» company
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