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Expecting a surge towards 0.9532.

Expecting a surge towards 0.9532. | 04 July 2023

04 July 2023, EUR/USD

Technical observation

On the chart above, the price pulled back to the resistance zone 1.1052-1.0994 but could not break above it, instead it bounced within the same zone and for the past two weeks the value of EUR rallied to the lower side. This week, as long as the price is sustained below the indicated above, I expect a further surge to the lower side, and my advice is, remain bearish with your take profit at 0.9532 and stop-loss at 1.1464. In case of a clear break below the level 0.9532, I expect the value of this pair to plunge further to the lower side after a correction to the broken line. I can only recommend bullish positions above the zone 1.1052-1.0994.

Trade recommendation

Remain short with your take profit at 0.9532.

Imelda Maseno
Analyst of «FreshForex» company
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