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Remain bearish towards 0.9549

Remain bearish towards 0.9549 | 20 October 2022

20 October 2022, EUR/USD

Technical observation

On the 4 hour chart above, price retraced to the resistance level 0.9863 then bounced at it and since then it has been trading with an increasing bearish bias. As long as the value of the pair above is sustained below the level indicated above, I expect a continuation of this bearish movement towards the supportive level 0.9549 followed by either a clear break below it with a big red candle, or a rejection of price at it. If you are currently holding short positions with the pair above, I would recommend that you remain neutral with your take profit at 0.9549 and stop-loss at 0.9946, continue short after a break below the level 0.9549.

Trade recommendation

Remain short with your take profit at 0.9549.

Imelda Maseno
Analyst of «FreshForex» company
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