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Remain short with your take profit at 0.9532.

Remain short with your take profit at 0.9532. | 18 January 2023

18 January 2023, EUR/USD

Remain short with your take profit at 0.9532.

Technical observation

On the chart above price pulled back to the resistance zone it established at 1.0832-1.0740 but did not break above it, instead it bounced within the same zone and this week it opened bearish. As long as this pair is sustained below the zone I have indicated above, I expect a continuation of this bearish movement and in case you already picked short positions, I recommend that you remain in the trade with your take profit at 0.9532 and stop-loss at 1.1192. If there is a clear break below the level 0.9532 with a big red candle, I expect a further surge to the lower side after a pullback and a bounce at the broken line.

Trade recommendation

Remain short with your take profit at 0.9532.

Imelda Maseno
Analyst of «FreshForex» company
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