Remain flat | 18 June 2021

Technical observation

On the chart above, price is trading with an increasing bearish bias between a resistance level 1.1991 and a supportive level 1.1835, however, I expect bullish movements to the resistance level I have mentioned above followed by a rejection at it to pick short positions. My advice, remain neutral temporarily and wait for a correction to the level 1.1991 and a bounce at it to sell EUR with your take profit at 1.1835 and stop loss at 1.2034. In case of a clear breakout below the supportive level 1.1835 with a big red candle, I anticipate a further momentum to the lower side after a retracement to the just broken line.

Trade recommendation

Remain neutral temporarily.