Remain short | 13 October 2022

Technical observation

On the weekly chart above price is trading with an increasing bearish bias slightly above the supportive level 0.9535 and this week I expect a further surge to the same level followed by either a clear break below it or a rejection of price at it. If you are currently holding short positions, I would recommend that you remain in the trade and pick your profits at the level 0.9535, however, in case you are neutral with EUR, remain flat and wait for either another correction to the level 1.0410, or a clear break below the level 0.9535 to sell EUR. As it is on the chart above, as long as price is sustained below the level 1.0410, I can only recommend short positions.

Trade recommendation

Remain short with your take profit at 0.9535.