We are bearish towards 0.9532 | 02 May 2023

Technical observation

On the chart above, EUR retraced to the resistance zone 1.1053-1.0994 but could not break above it, instead it bounced within the same zone and this week the price opened bearish. My expectation is a continuation of this downwards movement and in case you are holding short positions with this pair, I recommend you remain in the trade with your take profit at 0.9532 and stop-loss at 1.1493. If you are neutral with EUR, you can still pick short positions now within the zone I have mentioned above, a further momentum to the lower side can be expected in case of a clear penetration below the level 0.9532.

Trade recommendation

Remain short with your take profit at 0.9532.