We are short | 05 June 2023

Technical observation

On the chart above the price retraced to the resistance level 1.0791-1.0780 then bounced at it and since then it has been trading with an increasing bearish bias. Today you can anticipate a further surge to the lower side and if you already picked short positions within the zone indicated above, remain in the trade with your take profit at 1.0460 and stop-loss at 1.0860. Should there be a clear break below the level 1.046 with a big red candle, wait for a pullback to the broken line before you continue short. As long as the price is sustained below the zone 1.0791-1.0780, I can only recommend short positions.

Trade recommendation

Remain short with our take profit at 1.0460.