Remain bearish | 07 July 2023

Technical observation

EUR retraced to the resistance zone 1.1053-1.0994 but did not break above it, instead it bounced at the same zone and since then it has been trading with an increasing bearish bias. This week the price opened red and I expect it to descend further in the coming weeks. If you already picked short positions within the zone I mentioned earlier, remain in the trade with your take profit at 0.9532 and stop-loss at 1.1399. On the chart above, as long as the price is sustained below the zone 1.1053-1.0994, only short positions look ideal and can be recommended.

Trade recommendation

Remain bearish with your take profit at 0.9532.