We are short towards 1.0632 | 16 August 2023

Technical observation

On the weekly chart above the price has been trading with an increasing bearish bias for several weeks now and this week it opened bearish again. Today I expect a further surge to the lower side and if you are already holding short positions with this pair, I recommend that you remain in the trade with your take profit at 1.0632 and stop-loss at 1.1820, in case there is a clear breach below the level 1.0632, I anticipate the value of this pair to plummet further towards the supportive level 0.9532 or lower. As it is on the chart above, I can only recommend bullish positions in case of a clear break above the resistance zone 1.1496-1.1453.

Trade recommendation

Remain short with your take profit at 1.0632.