25 May 2023, EUR/USD
Technical observation
EUR retraced to the resistance zone 1.1048-1.1076 then bounced within it and since then it has been trading with an increasing bearish bias. Today I expect a continuation of this downwards movement and if you already picked short positions within the zone indicated above, I recommend you remain in the trade with your take profit at 1.0319 and stop-loss at 1.1328. Should there be a clear break below the level 1.0319 with a big red candle, I expect the value of this pair to plummet further towards the level 0.9533; on the other hand, in case of a break above the zone 1.1048-1.1076, I anticipate bullish movements towards 1.1679.
Trade recommendation
Remain short with your take profit at 1.0319.
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