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Remain short

Remain short | 14 August 2023

14 August 2023, EUR/USD

Remain short

Technical observation

EUR retraced to a trend line as indicated on the chart above then bounced at it and since then it has been trading with an increasing bearish bias; today I expect a continuation of this downwards movement towards 1.0913, in case of a decline beyond this level, I expect the value of this pair to descend further towards the supportive zone 1.0845-1.0832, and if you are already holding short positions with this pair, I recommend that you remain in the trade with your take profit at 1.0845. Should there be a clear breach below the zone 1.0845-1.0832, I anticipate a further surge towards the level 1.0518.

Trade recommendation

Remain short with your take profit at 1.0845.

Imelda Maseno
Analyst of «FreshForex» company
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