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Remain short with your take profit at 1.0680.

Remain short with your take profit at 1.0680. | 09 August 2023

09 August 2023, EUR/USD

Remain short with your take profit at 1.0680.

Technical observation

Since it bounced within the zone 1.1245-1.1196, EUR has been trading with an increasing bearish bias and today I expect the price to plummet further to the lower side, if you picked short positions within the zone I mentioned above, remain in the trade with your take profit at 1.0680 and stop-loss at 1.1495, if the price declines below the level 1.0680, I expect it plummet further towards the supportive 1.0319, or even lower to the line 0.9533. As it is on the chart above as long as the value of EUR is sustained below resistance 1.1245-1.1196, only bearish positions are ideal and can be recommended.

Trade recommendation

Remain short with your take profit at 1.0680.

Imelda Maseno
Analyst of «FreshForex» company
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