Remain flat | 27 October 2023

Technical observation

On the weekly chart above, the price is trading with an increasing bearish bias between the supportive level 0.9541 and a resistance zone 1.1512-1.1453 for several weeks now, however this week the price opened bullish and I anticipate a further momentum to the upper side. My advice, remain neutral and wait for a correction to the zone indicated above then pick short positions within it with your take profit at 0.9541 and stop-loss at 1.1907. In case of a clear break below the level 0.9541, I expect the value of EUR to plunge further after a correction to the broken line. On the chart above, I can only recommend bullish positions above the zone 1.1512-1.1453.

Trade recommendation

Remain flat