Sell a bounce within 0.9879-0.9872 | 04 October 2022

Technical observation

EUR has been ascending steadily for some time now and it is currently trading with an increasing bullish bias between the supportive zone 0.9879-0.9872, my expectation is a rejection of this upwards movement within the zone mentioned above followed by a possible surge to the lower side. My advice, remain flat and wait for bounce within the one 0.9879-0.9872 then pick short positions with your take profit at 0.9534 and stop-loss at 0.9970. If price is not sustained below the zone I mentioned earlier but clearly breaks above it with a big green candle, I expect bullish movements towards the level 1.0270 after a correction to the broken zone.

Trade recommendation

Sell a bounce within 0.9879-0.9872 with your take profit at 0.9534.