We're flat temporarily | 02 July 2021

Technical observation

This week EUR has been trading with an increasing bearish bias towards the supportive zone 1.1605-1.1571, this bearish movement is a retracement to the zone I have mentioned above and I expect a rejection within it for a momentum to the upper side. Remain neutral temporarily with this pair and wait for a correction to the supportive zone 1.1605-1.1571 and a buy a bounce within it with your take profit at 1.2248 and stop loss at 1.1375. In case of a clear breakout above the level 1.2248 with a big green candle, I expect a retracement to the just broken line and a bounce at it for a further surge in price to the upper side.

Trade recommendation

Remain flat temporarily.