Remain short | 21 September 2023

Technical observation

EUR retraced to the resistance level 1.1092 then bounced at it and since then it has been trading with an increasing bearish bias; this week the price opened bearish and I expect a further decline to the lower side. If you are already holding short positions with this pair, I recommend that you remain in the trade with your take profit at 0.9532 and stop-loss at 1.1575, in case of a clear breach below the supportive level 0.9532, I anticipate a further plunge to the lower side after a pullback and a bounce at the broken line. I can only recommend bullish positions in case of a clear break above the zone 1.2452-1.2342.

Trade recommendation

Remain short with your take profit at 0.9532.