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We are bearish towards 0.9532.

We are bearish towards 0.9532. | 13 February 2023

13 February 2023, EUR/USD

We are bearish towards 0.9532.

Technical observation

On the weekly chart above, price retraced to the resistance zone it established at 1.0832-1.0891 but did not break above it, instead it bounced within the same zone and for the past three consecutive weeks the value of this pair has been trading with an increasing bearish bias. This week I expect a continuation of this downwards movement and in case you are currently holding short positions, I recommend that you remain in the trade with your take profit at 0.9532 and stop-loss at 1.1392. In case of a penetration below the zone 0.9532, wait for a pullback to the broken line and a rejection at it before you continue short with this pair.

Trade recommendation

Remain short with your take profit at 0.9532.

Imelda Maseno
Analyst of «FreshForex» company
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