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Wait | 20 November 2023

20 November 2023, EUR/USD

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Technical observation

EUR broke above the zone 1.0765-1.0751 with a big green candle and it is still trading with an increasing bullish bias, however, I expect a loss of this upwards movement followed by a pullback to the zone indicated above and bounce within it. My advice, remain neutral and wait for a correction to the zone 1.0765-1.0751 then buy a bounce within it with your take profit at 1.1041 and stop-loss at 1.0693. should there be a clear break above the level 1.1041, I expect the value of EUR to ascend further towards 1.1276 or higher. If the value of EUR is sustained above the zone 1.0765-1.0751, I can only recommend short positions.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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