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Wait for a pullback to the zone 1.0770-1.0795

Wait for a pullback to the zone 1.0770-1.0795 | 30 October 2023

30 October 2023, EUR/USD

Wait for a pullback to the zone 1.0770-1.0795

Technical observation

On the daily chart above the price is trading with an increasing bullish bias slightly below the zone 1.0770-1.0795 and today I expect it to rally further to the same zone followed by either a rejection 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 1.0770-1.0795 to short EUR with your take profit at 1.0216 and stop-loss at 1.0949, if the value of EUR declines below the level 1.0216 with a big red candle, I anticipate a further momentum to the supportive level 0.9533 or lower. On the chart above, I can only recommend bullish positions above the zone 1.0770-1.0795.

Trade recommendation

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

Imelda Maseno
Analyst of «FreshForex» company
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