Remain neutral | 22 July 2019

Technical observation

Last week EUR went down and closed bearish, I still expect more of this rally this week towards the supportive level 1.0830 followed by a penetration below it for a further decline in price. If you went short within the zone 1.1465-1.1401 after a rejection hold on to that position with your take profit at 1.0830 but if you are not in a trade yet, remain flat and wait for either another retracement to 1.1465-1.1401 and a bounce within it to sell EUR or a decline to 1.0830 and a penetration below it to short this pair. On the weekly chart above as long as price is below 1.1465-1.1401, only bearish movements can be anticipated.

Trade recommendation

Remain flat.