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Wait for a pullback to the level 1.0834

Wait for a pullback to the level 1.0834 | 28 August 2023

28 August 2023, EUR/USD

Technical observation

On the chart above the price declined below the level 1.0834 and it is still trading with an increasing bearish bias, however, I expect a loss of this downwards movement followed by a rejection at it. My advice, remain flat and wait for a correction to the level 1.0834 then sell a bounce at it with your take profit at 1.0319 and stop-loss at 1.1085, if there is a clear breach below the level 1.0319, I expect the value of EUR to plummet towards the supportive level 0.9533 or lower, as it is on the chart above, as long as the price is sustained below the zone 1.1523-1.1496, only short positions is ideal and can be recommended.

Trade recommendation

Wait for a pullback to the level 1.0834 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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