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We are flat

We are flat | 01 November 2023

01 November 2023, EUR/USD

We are flat

Technical observation

On the daily chart above the price is trading with an increasing bearish bias below the zone 1.0770-1.0795 and today I expect a loss of this downwards movement followed by a pullback to the zone I have mentioned above and a possible rejection within it. My advice remain neutral and wait for a retracement to the zone 1.0770-1.0795 then sell a bounce within it with your take profit at 1.0216 and stop-loss at 1.10985. If there is a rejection below the level 1.0216, I expect the price to plunge further towards 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

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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