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Wait for a second correction to the level 1.0770

Wait for a second correction to the level 1.0770 | 14 September 2023

14 September 2023, EUR/USD

Wait for a second correction to the level 1.0770

Technical observation

On the chart above the value of EUR declined below the level 1.0770 then pulled back to it and it was sustained below the line. Currently the price is trading with an increasing bearish bias and as long as it remains below the level indicated above I expect a further surge to the lower side. However, I recommend that you remain neutral and wait for a second pullback to the level 1.0770 then sell a bounce at it with your take profit at 1.0319 and stop-loss at 1.1065. If there is a clear decline below the level 1.0319 with a big red candle, I expect the value of EUR to plunge towards the supportive level 0.9533 or lower.

Trade recommendation

Wait for a second correction to the level 1.0770 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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