12 May 2022, EUR/USD
Technical observation
EUR retraced to the resistance zone 1.0592-1.0586 then bounced slightly below it and since then it has been trading with an increasing bearish bias. I expect a continuation of this downwards movement to the supportive level 1.0469 followed by either a clear break below it or a bounce at it followed by another correction to the zone mentioned above. If you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.0469 and stop-loss at 1.0641. Further bearish movements of price can be expected in case of a clear penetration below the supportive level 1.0469 with a big red candle.
Trade recommendation
Remain short with your take profit at 1.0469.
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