Expecting a surge towards 1.0319 | 17 May 2023

Technical observation

On the chart above, the price retraced to the resistance zone it established at 1.1048-1.1035 then bounced within it and since then it has been trading with an increasing bearish bias. Today I expect a further surge to the lower side and in case you already picked short positions within the zone indicated above, I recommend that you remain in the trade with your take profit at 1.0319 and stop-loss at 1.1366. If there is a clear break below the level 1.0319 with a big red candle, I expect the value of this pair to plummet towards the supportive level 0.9533 after a pullback to the broken line.

Trade recommendation

Remain short with your take profit at 1.0319.