04 November 2022, EUR/USD
Technical observation
On the 4 hour chart above, price is trading with an increasing bullish bias slightly above the supportive level 0.9666, however despite this bullish movement I expect a possible rally to the level I have mentioned above followed by either a clear break below it with a big red candle, or a rejection of price at it. If you are currently holding bearish positions with this pair, I recommend that you remain in the trade ad pick your profits at the level 0.9666. If there is penetration below this level, you can expect the value of EUR to plummet further towards 0.9510. On the chart above, I can only recommend bullish positions in case of a break above the zone 1.0056-1.0037.
Trade recommendation
Remain short with your take profit at 0.9666.
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