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Wait for a correction to sell EUR.

Wait for a correction to sell EUR. | 17 October 2023

17 October 2023, EUR/USD

Wait for a correction to sell EUR.

Technical observation

On the chart above the price is still trading with an increasing bearish bias between a supportive level 1.0319 and a resistance zone 1.0770-1.0795, this downwards movement is a slight rally to the lower side and I expect a loss of it followed by a correction to the zone I have mentioned above. If you are flat with this pair, I recommend that you remain neutral and wait for a correction to the zone 1.0770-1.0795 then sell a bounce within it with your take profit at 1.0319 and stop-loss at 1.0925. In case of a break below the level 1.0319, wait for a retracement to this line before you continue short towards 0.9533 or lower.

Trade recommendation

Wait for a correction to the zone 1.0770-1.0795 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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