Remain short with your take profit at 0.9549 | 18 October 2022

Technical observation

EUR retraced to the resistance zone 0.9862-0.9844 but could not break above it, instead it bounced within this zone and currently it is trading with an increasing bearish bias. Today I expect a continuation of this downwards movement and if you are already holding short positions with EUR I would recommend that you remain in the trade with your take profit at 0.9549 and stop-loss at 0.9936. In case you are neutral with this pair, you can still pick short positions now within the zone I have indicated above. As long as the value of EUR is sustained below the zone 0.9862-0.9844, I can only recommend short positions.

Trade recommendation

Remain short with your take profit at 0.9549.