13 May 2022, EUR/USD
Technical observation
On the daily chart above price retraced to a resistance level 1.0637 but could not break above it, instead, It bounced below the same line and since then it has been trading with an increasing bearish bias. I expect a continuation of this downwards movement to the supportive level 1.0334 followed by either a clear breakout below it with a big red candle, or a bounce at it followed by another correction to the key level 1.0637. If you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.0334 and stop-loss at 1.0850. I can only recommend long positions above the level 1.0637.
Trade recommendation
Remain short with your take profit at 1.0334.
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