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Sell EUR within the zone 1.1048-1.1075

Sell EUR within the zone 1.1048-1.1075 | 08 May 2023

08 May 2023, EUR/USD

Sell EUR within the zone 1.1048-1.1075

Technical observation

On the daily chart above the price is trading with an increasing bullish bias within the resistance zone 1.1048-1.1075 and I expect either a loss of this upwards movement within the same zone or a clear break above it with a big green candle. In case of a bounce within the zone I have mentioned above, sell EUR within it with your take profit at 1.0319 and stop-loss at 1.1313, however, if the price is not sustained below the zone but clearly breaks above it with a big green candle, wait for a correction to the broken zone and a bounce within it before you pick bullish positions towards the level 1.1679 or higher to 1.2353.

Trade recommendation

Sell EUR within the zone 1.1048-1.1075 with your take profit at 1.0319.

Imelda Maseno
Analyst of «FreshForex» company
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