04 January 2023, EUR/USD
Technical observation
On the weekly chart above, price rose to the resistance zone 1.0759-1.0696 but could not break above it, instead it bounced within the zone and this week it has been trading with an increasing bearish bias. As long as price is sustained below the zone indicated above, I expect a continuation of this downwards movement and if you are currently holding short positions, my advice is, remain in the trade with your take profit at 0.9532 and stop-loss at 1.1183. A further surge to the lower side can be expected in case of a clear break below the level 0.9532. On the chart above, I can only recommend bullish positions above the zone 1.0759-1.0696.
Trade recommendation
Remain short with your take profit at 0.9532.
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