Remain flat | 19 October 2023

Technical observation

On the daily chart above, the price is trading with an increasing bearish bias between a supportive level 1.0319 and a resistance zone 1.0770-1.0795 and today I anticipate a further plunge to the lower side; however, I recommend that you remain neutral and wait for a correction to the zone indicated above to sell EUR with your take profit at 1.0319 and stop-loss at 1.0951. Should the price decline below the level 1.0319 with a big red candle, I expect the value of EUR to plummet further towards the supportive level 0.9533 or lower. On the other hand, I anticipate possible bullish movements of price in case of a clear penetration above the zone 1.0770-1.0795.

Trade recommendation

Remain neutral.