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Wait | 26 May 2023

26 May 2023, EUR/USD

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Technical observation

On the chart above the price broke below the resistance zone 1.0767-1.0749 and it is currently trading with an increasing bullish bias, this upwards movement is a correction to the just broken line and I expect a possible rejection within it followed by a surge to the lower side. My advice, remain flat band wait for a second retracement to the zone I have indicated above then sell EUR within it with your take profit at 1.046 and stop-loss at 1.0830. If there is a clear break below the level 1.0460 with a big red candle, you can expect the price to plummet further after a correction to the broken line and a bounce at it.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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