Expecting a momentum towards 1.0403 | 08 June 2023

Technical observation

On the daily chart above, the price retraced and bounced within the resistance zone it established at 1.1048-1.1075 and since then it has been trading with an increasing bearish bias. Today I expect it to plummet further and in case you are already holding short positions with this pair, I recommend that you remain bearish with your take profit at the supportive level 1.0403 and stop-loss at 1.1366. If the price clearly breaks below the line 1.0403 with a big red candle, you can expect the value of this pair to descend further after a pullback to the broken line followed by a rejection at it.

Trade recommendation

Remain short with your take profit at 1.0403.