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Remain short with your take profit at 0.9532.

Remain short with your take profit at 0.9532. | 19 April 2023

19 April 2023, EUR/USD

Remain short with your take profit at 0.9532.

Technical observation

On the weekly chart above, the price pulled back to the resistance zone 1.1053-1.0994 and it could not break above it, instead it bounced within the same zone and this week the price opened bearish. As long as the price is sustained below the zone indicated above, I expect a continuation of this downwards movement and in case you are already holding short positions, I recommend you remain in the trade with your take profit at 0.9532 and stop-loss at 1.1464. If there is a clear break above the zone 1.1053-1.0994, wait for a pullback to the broken zone before you pick long positions with towards the resistance level 1.2564.

Trade recommendation

Remain short with your take profit at 0.9532.

Imelda Maseno
Analyst of «FreshForex» company
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