03 October 2023, EUR/USD
Technical observation
On the chart above the price has been trading with an increasing bearish bias since it bounced within the resistance zone 1.1178-1.1232, this week, the value of EUR opened bearish and I expect it to descend even further. In case you picked short positions within the zone indicated above, I recommend that you remain in the trade with your take profit at 0.9532 and stop-loss at 1.1575. If there is a clear breach below the level 0.9532 with a big red candle, wait for a correction to this line before you continue short with EUR. As it is on the chart above, as long as the price is sustained below the zone 1.1178-1.1232, I can only recommend bearish positions.
Trade recommendation
Remain short with your take profit at 0.9532.
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