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Expecting a pullback to the zone 1.0410-1.0367

Expecting a pullback to the zone 1.0410-1.0367 | 17 Enero 2023

17 Enero 2023, EUR/USD

Expecting a pullback to the zone 1.0410-1.0367

Technical observation

Yesterday EUR declined with a big red candle and today I expect this pair to decline even further towards the supportive zone 1.0410-1.0367. My advice, remain neutral and wait for a pullback to the zone I have mentioned above then buy a bounce within it with your take profit at 1.1123 and stop-loss at 1.0098, in case of a clear break above the level 1.1123 with a big green candle, I expect the value of this pair to ascend further towards the upper resistance levels 1.1679 or even higher to 1.2353. As it is on the chart above I can only recommend short positions below the zone 1.0410-1.0367 towards the level 0.9596.

Trade recommendation

Wait for a correction to the zone 1.0410-1.0367 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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