We are short | 08 November 2023

Technical observation

On the chart above, the price retraced to the resistance zone 1.0759- 1.0748 then bounced within it and since then it has been trading with an increasing bearish bias , today I expect a further momentum to the lower side and in case you are already holding bearish positions with this pair, I recommend that you remain in the trade with your take profit at 1.0518 and stop-loss at 1.0826. In case of a penetration below the level 1.0518, wait for a retracement to this line and a bounce at it before you continue short, on the other hand pick bullish positions in case of a clear break above the zone 1.0759-1.0748.

Trade recommendation

Remain short with your take profit at 1.0518.