we are flat | 03 November 2022

Technical observation

On the daily chart above price has been trading with an increasing bearish bias for the past five consecutive days and today I expect a continuation of this downwards movement towards the supportive level 0.9534, at this level price can either bounce at it or break below it with a big red candle. If there is a clear break below this level, wait for a correction to it and a bounce confirming a further surge to the lower side before you continue short with EUR, on the other hand, if there is a rejection of price at this level, wait for a pullback to the resistance zone 1.0367-1.0325 then sell a bounce within it with your take profit at the level 0.9534.

Trade recommendation

Remain neutral.