02 August 2022, EUR/USD
Technical observation
On the 4 hour chart above price pulled back to the resistance zone it established at 1.0271-1.0257 but could not break above it, instead it bounced within the zone and currently it is trading with an increasing bearish bias. As long as the value of EUR is sustained below the zone I have mentioned above, I expect a continuation of this downwards movement towards the supportive level 0.9988 followed by either a clear break below it with a big red candle or a rejection of price at it. If you are picked short positions within the zone 1.0271-1.0257 after a bounce, remain in the trade with your take profit at 0.9988 and stop-loss at 1.0357.
Trade recommendation
Remain short with your take profit at 0.9988.
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