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Wait for a correction to the zone 1.1512-1.1453

Wait for a correction to the zone 1.1512-1.1453 | 23 October 2023

23 October 2023, EUR/USD

Wait for a correction to the zone 1.1512-1.1453

Technical observation

On the chart above the price is trading with an increasing bearish bias between the supportive level 0.9545 and a resistance zone 1.1512-1.1453,this bearish 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 indicated above it. As it is on the chart above, I recommend that you remain neutral and wait for a pullback to the indicated above then sell a bounce within it with your take profit at 0.9545 and stop-loss at 1.1842. In case of a clear break below the level 0.9545, wait for a pullback to this line and a bounce at it before you continue short with this pair.

Trade recommendation

Wait for a correction to the zone 1.1512-1.1453 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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