We are short towards 0.9532 | 29 May 2023

29 May 2023, EUR/USD

We are short towards 0.9532

Technical observation

EUR retraced to the zone 1.1053-1.0994 then bounced within it and for the past three consecutive weeks it has been trading with an increasing bearish bias. This week I expect a further rally to the lower side and in case you already sold this pair within the zone i have mentioned above, remain in the trade with your take profit at 0.9532 and stop-loss at 1.1458. In case of a clear break below the level 0.9532, wait for a correction and a rejection at it before you continue short with this pair, should there be a clear break above the zone 1.1053-1.0994, I anticipate the value of EUR to ascend towards the resistance level 1.2461 or higher.

Trade recommendation

Remain short with your take profit at 0.9532.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .