Remain short | 03 October 2023

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.