We are short | 16 May 2023

Technical observation

The value of the pair on the chart above retraced to the resistance zone it established at 1.1053-1.9229 then bounced within it and since then it has been trading with an increasing bearish bias. As long as EUR is sustained below the zone I have mentioned above, I expect a further surge to the lower side and if you are already holding short positions with this pair, I recommend that you remain in the trade with your take profit at 0.9532 and stop-loss at 1.1496. In case of a clear break below the level 0.9532, you can continue short with this pair after a correction and a bounce at the broken line.

Trade recommendation

Remain short with your take profit at 0.9532.