We are short | 12 June 2023

Technical observation

EUR retraced to the resistance zone 1.0791-1.0779 then bounced within it and since then it has been trading with an increasing bearish bias, today I expect the value of this pair to plummet further to the lower side and in case you are already holding short position with this pair, you can remain in the trade with your take profit at 1.0515 and stop-loss at 1.0849. If there is a clear break below the level 1.0515, wait for a pullback to the broken line and a bounce at it before you continue short. As it is on the chart above, as long as the price is sustained below the zone 1.0791-1.0779, only short positions look ideal and can be recommended.

Trade recommendation

Remain short.