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Remain short

Remain short | 01 June 2023

01 June 2023, EUR/USD

Technical observation

Since it bounced within the zone 1.1048-1.1076, the value of the pair on the chart above has been trading with an increasing bearish bias and today I anticipate a further surge to the lower side. If you are already holding short position with this pair, I recommend that you remain in trade with your take profit at 1.0319 and stop-loss at 1.1370. In case the price clearly penetrates below the level 1.0319, I expect it to plummet towards the supportive level 0.9533 or lower. As it is on the chart above, as long as the price is sustained below the zone 1.1048-1.1076, only short positions look ideal and can be recommended.

Trade recommendation

Remain short with your take profit at 1.0319.

Imelda Maseno
Analyst of «FreshForex» company
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