08 August 2023, EUR/USD
Technical observation
EUR retraced to a level 1.1237 then bounced at it and since then it has been trading with an increasing bearish bias, this week the price opened bearish and i expect it to plummet further to the lower side. If you are holding short positions with this pair, remain in the trade with your take profit at 1.0708 and stop-loss at 1.1496, if the price declines below the level 1.0708, you can anticipate further bearish movements of price towards the key level 0.9532 or lower, but in case of a clear penetration above the level 1.1237, pick bullish positions towards the resistance levels 1.2461 or even higher to 1.3987.
Trade recommendation
Remain short with your take profit at 1.0708.
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