11 October 2023, EUR/USD
Technical observation
On the chart above, the price bounced within a resistance zone it established at 1.1178-1.1232 and since then it has been trading with an increasing bearish bias, this week the price opened bullish, however, this upwards movement is a slight correction to the upper side and I expect a loss of it followed by a momentum to the lower side. If you are already holding short positions with this pair, I recommend that you remain in the trade with your take profit at 0.9532 and stop-loss at 1.1566, should there be a clear breakout below the level 0.9532 with a big red candle, I anticipate a further surge to the lower side.
Trade recommendation
Remain short with your take profit at 0.9532.
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