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Wait | 08 July 2021

08 July 2021, EUR/USD

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Technical observation

On the weekly chart above, price is trading with an increasing bearish bias above a supportive zone 1.1605-1.1571, this bearish movement is a retracement to the zone I have mentioned above and I expect a rejection of it within the zone for a possible rally to the upper side, My advice, remain flat and wait for a correction to the zone 1.1605-1.1571 and a bounce within it to buy EUR with your take profit at 1.2248 and stop loss at 1.1371. If price is not contained above the supportive zone I have mentioned above and instead penetrates below it with a big red candle, you can expect a momentum to the lower side after a retracement to the just broken zone.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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