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Expecting a surge towards 1.0708

Expecting a surge towards 1.0708 | 08 August 2023

08 August 2023, EUR/USD

Expecting a surge towards 1.0708

Technical observation

EUR retraced to a level 1.1237 then bounced at it and since then it has been trading with an increasing bearish bias, this week the price opened bearish and i expect it to plummet further to the lower side. If you are holding short positions with this pair, remain in the trade with your take profit at 1.0708 and stop-loss at 1.1496, if the price declines below the level 1.0708, you can anticipate further bearish movements of price towards the key level 0.9532 or lower, but in case of a clear penetration above the level 1.1237, pick bullish positions towards the resistance levels 1.2461 or even higher to 1.3987.

Trade recommendation

Remain short with your take profit at 1.0708.

Imelda Maseno
Analyst of «FreshForex» company
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