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Wait | 18 September 2023

18 September 2023, EUR/USD

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Technical observation

EUR declined below the level 1.0797 with a big red candle then pulled back to it and since then it has been trading with an increasing bearish bias. As long as the price is sustained below this level I expect a further surge to the lower side and I recommend that you wait for a second retracement to the level I mentioned earlier to sell EUR with your take profit at 1.0319 and stop-loss at 1.1045. In case of a penetration below the level 1.0319 with a big red candle, wait for a pullback to this line before you continue short towards the supportive level 0.9533 or lower, as it is on the chart above, only short positions is ideal and can be recommended.

Trade recommendation

Wait for a second correction to the level 1.0797 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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