10 August 2023, EUR/USD
EURUSD is currently experiencing a substantial decline, consistent with our analysis. The market is entrenched within a bearish impulsive phase. As evident from the chart above, the market is presently in the process of forming the outer wave 'V'. Our projection entails a descent, targeting a minimum drop to 1.0953 and a final objective at 1.0869. It's important to note that the zone at 1.0953 holds significance as a support level; the validity of this setup hinges on whether the market successfully breaches this level. For those currently holding a profitable sell trade, it is advised to adjust the stop loss to breakeven. Furthermore, the opportunity exists to explore additional sell orders following a price breakthrough below the support zone at 1.0935, while aiming for the range of 1.0953 to 1.0869.
Trade Recommendations:
We're short now
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