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We are bearish

We are bearish | 13 October 2023

13 October 2023, EUR/USD

We are bearish

Technical observation

EUR retraced to the resistance zone 1.0630-1.0617 then bounced within it and since then it has been trading with an increasing bearish bias, today I expect a continuation of this downwards movement and in case you are already holding bearish positions, I recommend that you remain in the trade with your take profit at 1.0441 and stop-loss at 1.0690. If there is a clear break below the level 1.0441, wait for a pullback to the broken line before you continue short with this pair, as it is on the chart above, as long as the value of this pair is sustained below the zone 1.0630-1.0617, I can only recommend short positions.

Trade recommendation

Remain short with your take profit at 1.0441.

Imelda Maseno
Analyst of «FreshForex» company
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