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You may consider initiating a short position at '1.0718,' aiming for a profit target of '1.0632-1.0606'.

You may consider initiating a short position at '1.0718,' aiming for a profit target of '1.0632-1.0606'. | 07 November 2023

07 November 2023, EUR/USD

You may consider initiating a short position at '1.0718,' aiming for a profit target of '1.0632-1.0606'.

EURUSD is currently exhibiting strong bearish tendencies, evident from the clear rejection of the price at the resistance zone of '1.0746' in minor wave 'a'. This pair is undergoing a corrective phase, moving within an ABC corrective pattern. Our anticipation is for the price to correctively decline from this resistance zone, reaching at least the support zone of '1.0632,' which is our target for the minor corrective wave 'b'.

Trade Recommendations:
You may consider initiating a short position at '1.0718,' aiming for a profit target of '1.0632-1.0606'.
Bob Stan
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