We're flat | 04 July 2019

Technical observation

EUR is trading below a resistance zone 1.1472-1.1454 and is currently rallying towards a support level 1.1216 which I expect a penetration below. Wait for a breach below the line followed by a pullback to it to sell EUR. Should the value of EUR rise above 1.1472-1.1454 this will show a possible increase in buyers and while price remains above the zone my main focus remains on the buyers. My opinion is that if EUR breaks above 1.1472-1.1454 and there’s a correction and a bounce within it then price should continue to rise towards the key level 1.1731, but as long as it is below 1.1472-1.1454, only short positions can be advisable.

Trade recommendation

Remain neutral.