16 August 2023, EUR/USD
Technical observation
On the weekly chart above the price has been trading with an increasing bearish bias for several weeks now and this week it opened bearish again. Today I expect a further surge to the lower side and if you are already holding short positions with this pair, I recommend that you remain in the trade with your take profit at 1.0632 and stop-loss at 1.1820, in case there is a clear breach below the level 1.0632, I anticipate the value of this pair to plummet further towards the supportive level 0.9532 or lower. As it is on the chart above, I can only recommend bullish positions in case of a clear break above the resistance zone 1.1496-1.1453.
Trade recommendation
Remain short with your take profit at 1.0632.
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