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Wait for a correction to the zone 1.0770-1.0760

Wait for a correction to the zone 1.0770-1.0760 | 05 October 2023

05 October 2023, EUR/USD

Wait for a correction to the zone 1.0770-1.0760

Technical observation

EUR declined to the supportive level 1.0462 then bounced at it and it is currently trading with an increasing bullish bias, this upwards movement is a correction to the resistance zone 1.0770-1.0760 and I expect a either a rejection of price within it or a clear break above it with a big green candle. My advice, remain neutral and wait for a pullback to the zone I have mentioned above then sell a bounce within it with your take profit at 1.0462 and stop-loss at 1.0837, in case of a break above the zone 1.0770-1.0760, I recommend that you wait for a retracement and a rejection within this zone before you pick bullish positions towards 1.1065.

Trade recommendation

Wait for a correction to the zone 1.0770-1.0760 to re-sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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