Sell EUR within 1.0585-1.0583 | 17 June 2022

Technical observation

EUR retraced to the resistance zone 1.0585-1.0583 as I had predicted yesterday and currently it is trading with an increasing bullish bias within the same zone. I expect a loss of this upwards movement within the zone 1.0585-1.0583 to pick short positions with my take profit at 1.0359 and stop-loss at 1.0655. Should price clearly penetrate below the level 1.0359, I expect a further surge to the lower side, however if price is not sustained below the zone mentioned above but clearly breaks above it with a big green candle, I expect the value of EUR to ascend towards the resistance level 1.0762 or even higher to the level 1.0936 after a correction to the broken zone.

Trade recommendation

Sell EUR within 1.0585-1.0583 with your take profit at 1.0359.