23 May 2022, EUR/USD
Technical observation
On the 4 hour chart above price pulled back to the resistance zone 1.0607-1.0594 but it not break above it, instead it bounced within the zone and for some time it has been trading with an increasing bearish bias. I expect a continuation of this downwards movement to the supportive level 1.0357 followed by either a clear break below it or a bounce at it. If you picked short positions within the zone I mentioned above, remain in the trade with your take profit at 1.0357 and stop-loss at 1.0698. Should price rise above the zone 1.0607-1.0594, bullish movements towards the resistance level 1.0934 can be expected after a correction to the broken zone.
Trade recommendation
Remain short with your take profit at 1.0357.
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