Remain short with your take profit at 0.9532. | 27 February 2023

Technical observation

On the weekly chart above price retraced to the resistance zone 1.0832-1.0891 then bounced within it; for the past four consecutive weeks this pair has been trading with an increasing bearish bias and this week I expect a continuation of this downwards momentum. If you are currently holding short positions with EUR I recommend that you remain in the trade with your take profit at 0.9532 and stop-loss at 1.1243. In case of a clear break below the level 0.9532, wait for a pullback to it before you continue short with this pair. On the chart above, as long as the value of EUR is sustained below the zone 1.0832-1.0891, I can only recommend short positions.

Trade recommendation

Remain short with your take profit at 0.9532.