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Remain short

Remain short | 10 May 2023

10 May 2023, EUR/USD

Remain short

Technical observation

On the chart above the price is trading with an increasing bearish bias within the resistance zone it established at 1.1053-1.0994 and as long as it is sustained below this zone I expect a further rally to the lower side. If you already sold EUR within the zone I have mentioned above, I recommend you remain in the trade with your take profit at 0.9532 and stop-loss at 1.1401, on the other hand, if you are currently neutral you can still pick short positions now within the same zone. In case of a clear break below the supportive level 0.9532 with a big red candle, I expect the value of this pair to plummet further to the lower side after a correction to the broken line.

Trade recommendation

Remain short with your take profit at 0.9532.

Imelda Maseno
Analyst of «FreshForex» company
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