Expecting a rally towards 0.9532. | 20 March 2023

Technical observation

On the weekly chart above the price pulled back to the resistance zone 1.0832-1.0891 then bounced within and since then it has been trading with an increasing bearish bias and as long as it is sustained below the zone I have mentioned above, I expect only bearish positions. If you sold this pair within the zone indicated above, remain in the trade with your take profit at 0.9532 and stop-loss at 1.1246. In case of a break below the level 0.9532, continue short with this pair after a pullback to the broken line, however, if there is a clear break above the zone 1.0832-1.0891, I expect a surge towards the resistance level 1.2564.

Trade recommendation

Remain short with your take profit at 0.9532.