We're flat | 21 July 2021

Technical observation

On the chart above price is still trading with an increasing bearish bias above a supportive zone 1.1605-1.1571, I expect this bearish movement to continue to the zone I have mentioned above followed by a rejection within it for a 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 1.1379, In case price clearly breaks below the supportive zone 1.1605-1.1571 with a big red candle, I expect a possible surge in price to the lower supportive level 1.0826 after a retracement to the just broken zone.

Trade recommendation

Remain neutral temporarily.