We are short towards 1.0632 | 16 August 2023

16 August 2023, EUR/USD

We are short towards 1.0632

Technical observation

On the weekly chart above the price has been trading with an increasing bearish bias for several weeks now and this week it opened bearish again. Today I expect a further surge to the lower side and if you are already holding short positions with this pair, I recommend that you remain in the trade with your take profit at 1.0632 and stop-loss at 1.1820, in case there is a clear breach below the level 1.0632, I anticipate the value of this pair to plummet further towards the supportive level 0.9532 or lower. As it is on the chart above, I can only recommend bullish positions in case of a clear break above the resistance zone 1.1496-1.1453.

Trade recommendation

Remain short with your take profit at 1.0632.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus