Remain short | 11 August 2023

Technical observation

On the chart above the price pulled back to the resistance zone 1.1245-1.1196 then bounced within it and since the it has been trading with an increasing bearish bias, today I expect a further surge to the lower side and in case you are holding short positions with this pair remain in the trade with your take profit at 1.0656 and stop-loss at 1.1496, if the price declines below the level 1.0656 I expect it to plummet further towards the supportive levels 1.0319, 0.9533 or even lower. On the chart above, I can only recommend bullish positions in case of a clear penetration above the zone 1.1245-1.1196.

Trade recommendation

Remain short with your take profit at 1.0656.