13 June 2022, EUR/USD
Technical observation
On the 4 hour chart above price declined and broke below the zone 1.0583-1.0595 with a big red candle and currently it is trading with an increasing bearish bias. However, I expect a loss of this downwards movement followed by a correction to the just broken zone and a bounce within it to sell EUR with my take profit at 1.0359 and stop-loss at 1.0688. Should there be a clear break below the level 1.0359 with a big red candle, I expect a further surge to the lower side. As it is on the chart above, as long as price is sustained below the zone mentioned above, only short positions look ideal and can be recommended.
Trade recommendation
Wait for a correction to the zone 1.0583-1.0595 to sell EUR.
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