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Wait for a retracement to the zone 1.1210-1.1155

Wait for a retracement to the zone 1.1210-1.1155 | 17 November 2023

17 November 2023, EUR/USD

Wait for a retracement to the zone 1.1210-1.1155

Technical observation

On the chart above the value of EUR declined to a level 1.0505 then bounced at it and it is currently trading with an increasing bullish bias, next week I anticipate a further surge to the upper side to the resistance zone 1.1210-1.1155 followed by either a rejection within it or a clear break above it with a big green candle. If there is a rejection within the zone I mentioned earlier, pick short positions within it with your take profit at 1.0505 and stop-loss at 1.1610, however if there is a clear break above the zone 1.1210-1.1155, wait for a retracement to the same zone before you long EUR towards the level 1.2553 or higher.

Trade recommendation

Wait for a retracement to the zone 1.1210-1.1155 to re-sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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