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Wait for a second retracement to the zone 1.0770-1.0795

Wait for a second retracement to the zone 1.0770-1.0795 | 04 October 2023

04 October 2023, EUR/USD

Technical observation

On the chart above, the price declined below a zone 1.0770-1.0795 with a big red candle then pulled back to it and it was sustained below this zone, since then the value of this pair has been trading with an increasing bearish bias and my advice is; wait for a second retracement to the zone I have mentioned above then sell a bounce within it with your take profit at 1.0319 and stop-loss at 1.1007, if there is a clear penetration below the supportive level 1.0319 with a big red candle, wait for a correction to the broken line before you continue short with this pair towards 0.9533 or lower.

Trade recommendation

Wait for a second retracement to the zone 1.0770-1.0795 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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