03 May 2023, EUR/USD
Technical observation
On the chart above, the price retraced to the resistance zone 1.1094-1.1048 but did not break above it, instead it bounced within the same zone and it is currently trading with an increasing bearish bias. As long as the price is sustained below the zone I have mentioned above, I expect a further surge to the lower side and if you picked short positions within the zone I have mentioned above after a bounce, remain in the trade with your take profit at 1.0319 and stop-loss at 1.1329. If the price clearly breaks below the level 1.0319, I expect the value of EUR to plunge towards the supportive level 0.9533 or lower.
Trade recommendation
Remain short with your take profit at 1.0319.
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