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We are bearish towards 1.0743.

We are bearish towards 1.0743. | 07 August 2023

07 August 2023, EUR/USD

We are bearish towards 1.0743.

Technical observation

EUR rose to the resistance zone 1.1245-1.1196 but did not break above it, instead it bounced within the same zone and since then it has been trading with an increasing bearish bias, today I anticipate a further surge to the lower side and in case you are already holding short positions with this pair, remain in the trade with your take profit at 1.0743 and stop-loss at 1.1528. If the price declines below the level 1.0743, remain short with EUR with your next take profit at 1.0319, on the other hand, in case of a clear break above zone 1.1245-1.1196, I expect the value of EUR to ascend towards the resistance level 1.2353.

Trade recommendation

Remain short with your take profit at 1.0743.

Imelda Maseno
Analyst of «FreshForex» company
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