Remain short | 02 August 2023

02 August 2023, EUR/USD

Technical observation

EUR retraced to the resistance zone it established at 1.1253-1.1211 then bounced within it and since then it has been trading with an increasing bearish bias, if you sold this pair within the zone I have indicated above remain in the trade with your take profit at 1.0659 and stop-loss at 1.1496. Should there be a clear break below the level 1.0659, I expect the value of this pair to plummet further towards the supportive levels 1.0319 and 0.9533, however, if the price ascends above the zone 1.1253-1.1211, wait for a correction to the broken zone before you continue long towards the resistance level 1.2353 or even higher.

Trade recommendation

Remain short with your take profit at 1.0659.

Imelda Maseno
Analyst of «FreshForex» company
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