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We are flat

We are flat | 02 June 2023

02 June 2023, EUR/USD

We are flat

Technical observation

EUR is pulling back to a resistance zone it established at 1.0836-1.0823 and I expect a rise to the same zone followed by a possible rejection of price within it. My advice, remain neutral and wait for a correction to the zone I have mentioned above then sell a bounce within it with your take profit at 1.0635 and stop-loss at 1.0894. If the price declines below the level 1.0635, I expect it to descend further after a correction to the broken line, on the other hand, should there be a rise above the zone 1.0836-1.0823, I expect the value of this pair to surge towards the resistance levels 1.0995 and 1.1080.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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