Wait | 02 November 2023

Technical observation

On the weekly chart above, the price is trading with an increasing bearish bias between the supportive level 0.9541 and a resistance zone 1.1512-1.1453 and this week I expect it to close red, however, next week I expect possible upwards movements to the zone I have indicated above followed by either a rejection of price within it or a clear break below it with a big red candle. My advice, remain neutral and wait for a pullback to the zone 1.1512-1.1453 then sell a bounce within it with your take profit at 0.9541 and stop-loss at 1.1880. If there is a clear penetration below the level 0.9541, continue short after a correction to the broken line.

Trade recommendation

Remain neutral.