We're neutral | 16 July 2019

Technical observation

On the daily chart above price is trading between a zone 1.1425-1.1400 and a supportive level 1.1128, I expect either a rise to the zone and a bounce within it or a decline to the support followed by a clear penetration below it. In case of a correction to 1.1425-1.1400 wait for a rejection within it before you sell EUR with your take profit at 1.1128 and stop loss at 1.1536, and should there be a clear breach below 1.1128, wait for a retracement and a bounce at it before you sell this pair with your take profit at 1.0818 and stop loss at 1.1206. As long as EUR is below 1.1425-1.1400 only short positions may be recommended.

Trade recommendation

Remain neutral.