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Wait | 09 May 2023

09 May 2023, EUR/USD

Technical observation

On the chart above, the price rose to the resistance level 1.1081 then bounced at it and since then it has been trading with an increasing bearish bias, This downwards movement is pullback to the supportive zone 1.0901-1.0789 and I expect a bounce within the same zone followed by a surge to the lower side. My advice, remain neutral and wait for a retracement to the zone I have mentioned above then buy a bounce within it with your take profit at 1.1081 and stop-loss at 1.0713. In case of a clear break above the level 1.1081, I expect the value of this pair to ascend further after a correction to the broken line and rejection at it.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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