We are short towards 1.0632. | 25 August 2023

Technical observation

This week the value of the pair on the chart above has been trading with an increasing bearish bias for several weeks now and it is still showing signs of declining even further. If you are already holding short positions with this pair, I recommend that you remain in the trade and pick your profits at the 1.0632. In case of a clear break below the line, I expect the value of EUR to plummet further towards the supportive level 0.9532 after a correction and a bounce at the broken line, on the other hand, I anticipate possible bullish movements of price should there be a clear breach above the zone 1.2452-1.2342.

Trade recommendation

Remain short with your take profit at 1.0632.