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Wait | 13 April 2023

13 April 2023, EUR/USD

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Technical observation

On the chart above, the price rose to the resistance level 1.1034 but could not reach it, instead it bounced below the level and since then it has been trading with an increasing bearish bias to the supportive zone 1.0778-1.0789 followed by a possible rejection within it My advice, remain neutral and wait for a pullback to the zone indicated above then buy a bounce within it with your take profit at level 1.1034 and stop-loss at 1.0712. If there is a clear break above the level 1.1034, I expect the value of EUR to ascend further, on the other hand, I expect the value of the same currency to plunge in case of a break below the zone 1.0778-1.0789.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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