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Sell EUR within the zone 1.1158-1.1116

Sell EUR within the zone 1.1158-1.1116 | 14 April 2023

14 April 2023, EUR/USD

Sell EUR within the zone 1.1158-1.1116

Technical observation

On the chart above the price is trading with an increasing bullish bias below the resistance zone 1.1158-1.1116 and I expect a rise to the same zone followed by a rejection within it. My advice, remain neutral temporarily and wait for a bounce within the zone I have mentioned above to sell EUR with your take profit at 1.0319 and stop-loss at 1.1392. If there is a clear break below the level 1.0319, I expect the price to decline further to the lower supportive level 0.9533 or lower. On the chart above, as long as the price is sustained below the zone 1.1158-1.1116, only short positions look ideal and can be recommended.

Trade recommendation

Sell EUR within the zone 1.1158-1.1116 with your take profit at 1.0319.

Imelda Maseno
Analyst of «FreshForex» company
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