We're flat | 05 July 2021

Technical observation

EUR is retracing to the supportive zone 1.1605-1.1571, I expect a loss of this bearish movement within the zone I have mentioned above for a possible momentum to the upper side. My advice, remain neutral and wait for a correction to the zone 1.1605-1.1571 and buy a bounce within it with your take profit at 1.2248 and stop loss at 1.1375. Should there be a clear breakout below the zone 1.1605-1.1571 with a big red candle, I expect a price to plummet to the supportive level 1.0826 after a correction to the just broken zone and a bounce within it. However, as long as price is sustained above the zone 1.1605-1.1571, I can only recommend bullish positions.

Trade recommendation

Remain neutral.