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We are bullish towards 1.1140.

We are bullish towards 1.1140. | 31 August 2023

31 August 2023, EUR/USD

We are bullish towards 1.1140.

Technical observation

EUR retraced to the supportive zone 1.0803-1.0792 but did not break below it, instead it bounced within it and since then it has been trading with an increasing bullish bias, as long as the price is sustained above the same zone only bullish positions is ideal and can be recommended. If you bought EUR within the zone I have mentioned above, remain in the trade with your take profit at 1.1140 and stop-loss at 1.0689. Should there be a clear break above the level 1.1140 with a big green candle, I expect the value of this pair to ascend further after a correction and a bounce at the broken line.

Trade recommendation

Remain long with your take profit at 1.1140.

Imelda Maseno
Analyst of «FreshForex» company
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