We are short towards 1.0832. | 17 August 2023

17 August 2023, EUR/USD

We are short towards 1.0832.

Technical observation

On the chart above, the value of EUR has been trading with an increasing bearish bias as I predicted earlier and today I expect a further momentum to the lower side, in case you are currently holding short positions with this pair, I recommend that you remain in the trade and pick your profits at the level 1.0832. Should there be a clear breach below the supportive zone 1.0845-1.0832 with a big red candle, I expect the value of this pair to plummet towards the supportive level 1.0518 or lower, on the other hand, I anticipate bullish movements towards level 1.1274 if the price rises above the resistance line 1.1140.

Trade recommendation

Remain short with your take profit at 1.0832.

Imelda Maseno
Analyst of «FreshForex» company
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