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Expecting further bearish movements

Expecting further bearish movements | 07 June 2023

07 June 2023, EUR/USD

Technical observation

On the weekly chart above, EUR has been trading with an increasing bearish bias for the past three consecutive weeks and this week it opened bearish again. As long as the price is sustained below the resistance zone 1.1053-1.0994, I expect a further surge to the lower side and in case you are already holding short positions with this pair, 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 below the level 0.9532 with a big red candle, wait for a pullback and a bounce at it before you continue short with pair.

Trade recommendation

Remain short with your take profit at 0.9532.

Imelda Maseno
Analyst of «FreshForex» company
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