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Wait | 10 August 2023

10 August 2023, EUR/USD

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Technical observation

EUR is retracing to the resistance zone it established at 1.1044-1.1038 and I expect either a rejection of price within this zone or a clear break above it with a big green candle. In case of a bounce within this zone, pick short positions with your take profit at 1.0839 and stop-loss at 1.1077, on the other hand, if the price penetrates above the same zone, wait for a pullback and a bounce within it before you long this pair towards the resistance levels 1.1187 and 1.1274. Right now as it is on the chart above, as long as the value of EUR is sustained below the zone 1.1044-1.1038, only short positions is ideal and can be recommended.

Trade recommendation

Wait for a correction to the zone 1.1044-1.1038 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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