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We're long for now

We're long for now | 23 October 2023

23 October 2023, EUR/USD

EURUSD is currently experiencing a strong bullish trend, but it's important to note that this pair is in a corrective phase. Despite the formation of a minor rising wedge pattern, our expectation is for the price to experience a drop, reaching at least 1.0506, followed by a subsequent impulsive upward reversal with our target set at the resistance zone of 1.0742. We advise against placing a long position at this time due to the associated risks. Instead, consider entering a long position after the anticipated pullback, with a profit target range of 1.0700 to 1.0742.

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We're long for now

Bob Stan
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