Remain short | 05 July 2023

Technical observations

EUR retraced to the resistance zone it established at 1.1048-1.1075 but could not break above it, instead the price bounced slightly below the same zone 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 sold this pair, you can remain in the trade with your take profit at 1.0547 and stop-loss at 1.1312. If the price clearly breaks below the level 1.0547, I expect it to plummet further towards the supportive levels 1.0319 and 0.9533 or lower. As it is on the chart above, I can only recommend bullish positions in case of a clear break above the zone 1.1048-1.1075.

Trade recommendation

Remain short with your take profit at 1.0547.