Remain bearish with your take profit at 1.0368. | 19 April 2023

Technical observation

The pair on the chart above pulled back to the resistance zone it established at 1.2663-1.2562 but did not break above it, however, it bounced below the same zone and it is currently trading with an increasing bearish bias. This week I expect a further surge to the lower side and if you are already holding short positions with this pair, I recommend you remain in the trade with your take profit at 1.0368 and stop-loss at 1.3094. If there is a clear break below the level 1.0368, I expect the price to descend further after a retracement to the broken line, on the chart above, I can only recommend bullish positions above the zone 1.2663-1.2562.

Trade recommendation

Remain bearish with your take profit at 1.0368.