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Wait for a retracement to the zone 1.0765-1.0751

Wait for a retracement to the zone 1.0765-1.0751 | 22 November 2023

22 November 2023, EUR/USD

Wait for a retracement to the zone 1.0765-1.0751

Technical observation

On the chart above, the price has been trading with an increasing bullish bias since it rose above zone 1.0765-1.0751, today I expect a possible surge to the zone I have mentioned above followed by either a rejection within it or a clear break below it with a big red candle. My advice, remain flat and wait for a pullback to the zone I have mentioned above then buy a bounce within it with your take profit at 1.1041 and stop-loss at 1.0693. If there is a clear penetration above the level 1.1041 with a big green candle, I expect the price to ascend further after a retracement to the broken line. I can only recommend short positions below the zone 1.0765-1.0751.

Trade recommendation

Wait for a retracement to the zone 1.0765-1.0751 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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