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Expecting a surge to 0.9537

Expecting a surge to 0.9537 | 10 October 2022

10 October 2022, EUR/USD

Expecting a surge to 0.9537

Technical observation

EUR rose above the resistance level 0.9834-0.9815 but it was not sustained above it, instead it broke below the same zone then pulled back to it. Currently price is trading with an increasing bearish bias and today I expect a further surge to the lower side. If you are holding short positions with the pair above, I would recommend that you remain in the trade with your take profit at 0.9537 and stop-loss at 0.9921. If there is a break below the level 0.9537 with a big red candle, I expect the value of EUR to plummet further to the lower side but in case of a break above the zone 0.9834-0.9815, I anticipate bullish movements towards the level 1.0107.

Trade recommendation

Remain short with your take profit at 0.9537.

Imelda Maseno
Analyst of «FreshForex» company
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