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Remain short

Remain short | 12 May 2023

12 May 2023, EUR/USD

Technical observation

On the chart above, the price broke below the level 1.1002 then retraced to it and currently it is trading with an increasing bearish bias, my advice, if you are currently holding short positions with this pair, I recommend you remain in the trade with your take profit at 1.0801 and stop-loss at 1.1036. If there is a clear penetration below the supportive zone 1.0801-1.0789, I expect the value of this pair to plunge towards the supportive level 1.0630 or lower. However, in case of a clear break above the level 1.1081 with a big green candle, I expect the price to ascend after a pullback and a bounce at the broken at the broken line

Trade recommendation

Remain short with your take profit at 1.0801.

Imelda Maseno
Analyst of «FreshForex» company
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