Wait for a correction to the zone 1.0770-1.0760 | 05 October 2023

05 October 2023, EUR/USD

Wait for a correction to the zone 1.0770-1.0760

Technical observation

EUR declined to the supportive level 1.0462 then bounced at it and it is currently trading with an increasing bullish bias, this upwards movement is a correction to the resistance zone 1.0770-1.0760 and I expect a either a rejection of price within it or a clear break above it with a big green candle. My advice, remain neutral and wait for a pullback to the zone I have mentioned above then sell a bounce within it with your take profit at 1.0462 and stop-loss at 1.0837, in case of a break above the zone 1.0770-1.0760, I recommend that you wait for a retracement and a rejection within this zone before you pick bullish positions towards 1.1065.

Trade recommendation

Wait for a correction to the zone 1.0770-1.0760 to re-sell EUR.


The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
Imelda Maseno
Analyst of «FreshForex» company
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