We are bearish towards 0.9665. | 04 August 2023

Technical observation

EUR retraced to the resistance zone 1.1232-1.1183 but did not break above it instead it bounced within the same zone and it has been trading with an increasing bearish bias for the past two consecutive weeks, this week it also opened bearish and I still expect a continuation of this downwards movement. If you are holding short positions with this pair, remain in the trade with your take profit at 0.9665 and stop-loss at 1.1648, in case of a clear break below the level 0.9665, wait for a correction to the broken line before you continue short, on the other hand, pick bullish positions in case of a clear break above the zone 1.1232-1.1183.

Trade recommendation

Remain short with your take profit at 0.9665.