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Wait | 10 October 2023

10 October 2023, EUR/USD

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Technical observation

On the chart above, the price declined to the supportive level 1.0462 then bounced at it and since then it has been trading with an increasing bullish bias, this upwards movement is a correction to the resistance zone 1.0770-1.0760 and I expect either a rejection within it or a clear break above it with a big green candle. As it is on the chart above, I recommend that you remain neutral and wait for a pullback to the zone indicated above then sell a bounce within it with your take profit at 1.0462 and stop-loss at 1.0865, in case of a break below the level 1.0462, I expect the price to decline further towards 1.0154.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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