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Wait | 04 May 2023

04 May 2023, EUR/USD

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Technical observation

EUR rose to the level 1.1082 but did not break above it, instead it bounced at it and it is currently trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 1.0791-1.0780 and I expect a pullback to it followed by either a rejection of price at it or a clear break below it with a big red candle. Right now, I recommend you remain neutral with this pair then buy a bounce within the zone I mentioned earlier with your take profit at 1.1082 and stop-loss at 1.0702. However, if there is a clear break below the zone 1.0791-1.0780, wait for a correction to it before you sell EUR towards 1.0461.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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