01 Agosto 2023, EUR/USD
Technical observation
EUR rose above the zone 1.1053-1.1.0994 and it is currently trading above it with an increasing bearish bias, this downwards movements a correction to the zone mentioned above and I expect a rejection of price within I followed by a rally to the upper side. My advice, remain neutral and wait for a second correction to the zone I have mentioned above then buy a bounce within it with your take profit at 1.2461 and stop-loss at 1.0713. If there is clear break above the level 1.2461, I expect the price to ascend further towards the resistance level 1.5013 or higher. As it is on the chart above, I can only recommend short positions below the zone 1.1053-1.1.0994.
Trade recommendation
Wait for a second retracement to the zone 1.1053-1.1.0994 to buy EUR.