Remain short towards 1.0540 | 23 August 2023

23 August 2023, EUR/USD

Technical observation

On the chart above the value of EUR has been trading with an increasing bearish bias for several weeks now and this week it opened bearish again. My expectation is a continuation of this downwards movement and in case you are holding short positions with this pair, I recommend that you remain in the trade with your take profit at 1.0540 and stop-loss at 1.1561, if there is a clear break below the level 1.0540 with a big red candle, wait for a pullback to the broken line and a rejection at it before you continue short towards the supportive levels 0.9532 or lower.

Trade recommendation

Remain short with your take profit at 1.0540.

Imelda Maseno
Analyst of «FreshForex» company
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