Remain flat temporarily. | 13 July 2021

Technical observation

On the weekly chart above price is trading with an increasing bearish bias above a supportive zone 1.1605-1.1571, this bearish movement is a retracement to the zone I have mentioned above and I expect a rejection of price within it for a momentum to the upper side. My advice, remain neutral temporarily and wait for a correction to the zone I have mentioned above then pick long positions within it after a bounce with your take profit at 1.2248 and stop loss at 1.1405. In case of a clear breakout above the level 1.2248 with a big green candle, I expect a further momentum to the upper side after a correction to the broken line.

Trade recommendation

Remain flat temporarily.