29 July 2022, EUR/USD
Technical observation
EUR is trading with an increasing bearish bias above the supportive level it established at 1.0020; however, I expect a loss of this downwards movement followed by a correction to the resistance zone 1.0780-1.0739 to pick short positions with my take profit at the level 1.0020 and stop-loss at 1.0979. If there is a clearly breaks below the line 1.0020 with a big red candle, I expect a further surge to the lower side after a correction to it. However, should there be a clear break above the zone 1.0780-1.0739 above; I expect bullish movement of price towards the resistance level 1.1461 or even higher to the key level 1.2318.
Trade recommendation
Remain neutral.
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