EURUSD – Up
Technical observation
On the chart above price pulled back to the resistance zone 1.0767-1.0773 but did not break above it, instead it bounced within the same zone and sine then it has been trading with an increasing bearish bias, as long as price is sustained below the zone I have mentioned above I expect a continuation of this downwards movement to the supportive level 1.0630 followed by either a clear break below it or a rejection at it. My advice, if you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.0630 and stop-loss at 1.0836. If there is a clear break below the level 1.0630, I expect a further decline towards the level 1.0447.
Trade recommendation
Remain short with your take profit at 1.0630.
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