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Wait for a retracement to the zone 1.1155-1.1219

Wait for a retracement to the zone 1.1155-1.1219 | 10 November 2023

10 November 2023, EUR/USD

Wait for a retracement to the zone 1.1155-1.1219

Technical observation

EUR retraced to a resistance zone 1.1155-1.1219 then bounced within it before declining to a trend line as indicated above. This week the value of this pair retraced to the upper side and I expect a continuation of this upwards movement to the zone I mentioned earlier to re-sell this pair with my take profit at 1.0446 and stop-loss at 1.1615. In case of a clear break below level 1.0446, I expect the value of EUR to plunge further towards the supportive level 0.9677 or lower, on the other hand, I anticipate possible bullish movements in case of a breakout above the zone 1.1155-1.1219.

Trade recommendation

Wait for a retracement to the zone 1.1155-1.1219 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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