Expecting a rally towards 1.0319 | 11 May 2023
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.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
