We're flat | 16 July 2021

Technical observation

On the chart above, price is trading with an increasing bullish bias below a resistance zone it established at 1.1883-1.1874. I expect a continuation of this upwards movement to the zone I have mentioned above followed by a rejection within it for a momentum to the lower side. My advice, remain neutral and wait for a correction to the zone 1.1883-1.1874 and a rejection within it to sell EUR with your take profit at 1.1712 and stop loss at 1.1920. As long as price is contained below the zone 1.1883-1.1874, I can only recommend short positions for this pair; you can anticipate a momentum to the upper side in case of a break above 1.1883-1.1874.

Trade recommendation

Remain neutral.