We're long for now | 19 October 2023

19 October 2023, EUR/USD

We're long for now

EURUSD is currently in a bullish corrective phase, with the market moving in the form of an ABC corrective pattern. The price has formed a minor rising wedge, and we expect the price to drop, at least down to 1.0506, before reversing to the upside impulsively, with our target at the resistance zone of 1.0742. We anticipate the price rising to at least 1.0742. You can enter a long position after the pullback, with your profit target ranging from 1.0700 to 1.0742. This setup will be invalidated if the price breaks and closes below the support zone of 1.0464.

Trade Recommendations:

We're waiting for long positions

Bob Stan
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