EUR/USD: buckle up, a short-term SELL is on the way

9 thg 1, 2023

Last week, we noticed the price experience a dramatic drop. And hence, we planned on entering short positions upon a pullback. However, once USD fundamentals kicked in, the price got driven to the upside and is now approaching a key area of resistance. Although our bias is strongly bullish, we believe that the price will firstly fall and correct before continuing its upside movements. Therefore, we are eyeing for entering SELL positions and aiming for the level of support that nicely lines up with the Golden Fibonacci zone that is plotted on the chart.