We are flat | 25 October 2023

Technical observation

Yesterday EUR rose towards the resistance zone 1.0770-1.0795 and today I expect a further surge to the upper side followed by either a rejection within this zone or a clear break above it with a big green candle. Right now I recommend that you remain neutral then wait for a bounce within the zone indicated above to short EUR with your take profit at 1.0319 and stop-loss at 1.0887. If the price declines below the level 1.0319, wait for a retracement to this level before you continue short towards 0.9533 or lower. On the daily chart above, I can only recommend bullish positions in case of a penetration above the zone 1.0770-1.0795.

Trade recommendation

Remain neutral.