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Wait for a correction to the zone 1.0770-1.0795

Wait for a correction to the zone 1.0770-1.0795 | 24 October 2023

24 October 2023, EUR/USD

Wait for a correction to the zone 1.0770-1.0795

Technical observation

On the chart above the above the price is trading with an increasing bullish bias slightly below the zone 1.0770-1.0795 today I expect a continuation of this upwards movement to the zone I have mentioned above followed by a rejection of price within it. My advice, remain neutral temporarily and wait for a correction to the zone 1.0770-1.0795 then sell a bounce within it with your take profit at 1.0319 and stop-loss at 1.0957. If there is a clear break above the zone I have indicated above with a big green candle, wait for a pullback and a bounce within it before you pick bullish positions towards the level 1.1523.

Trade recommendation

Wait for a correction to the zone 1.0770-1.0795 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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