11 May 2023, EUR/USD
Technical observation
On the chart above the price is trading with an increasing bearish bias below the resistance zone 1.1048-1.1075 and as long as it is sustained below this zone I expect it to descend further. If you sold EUR within the zone I have indicated above after a bounce, I recommend you remain in the trade with your take profit at 1.0319 and stop-loss at 1.1320. In case of a clear penetration below the level 1.0319 with a big red candle, wait for a pullback and a bounce at it before you continue short towards the supportive level 0.9533 or lower. Bullish positions can only be recommended above the zone 1.1048-1.1075 towards 1.1679.
Trade recommendation
Remain short with your take profit at 1.0319.
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