23 Mei 2023, EUR/USD
Technical observation
EUR bounced within the zone 1.1053-1.1.0994 and since then it has been trading with an increasing bearish bias, this week I anticipate a further rally to the lower side and my advice is, if you’re already holding short positions with this pair, remain in the trade with your take profit at 0.9532 and stop-loss at 1.1496. In case of a penetration below the level 0.9532 with a big red candle, wait for a correction and a bounce at it before you continue short with EUR, on the other hand should there be a clear break above the zone 1.1053-1.1.0994, I expect the price to ascend towards the key level 1.2461 or higher to 1.5013.
Trade recommendation
Remain short with your take profit at 0.9532.