Wait | 22 July 2021

Technical observation

On the chart above, price is trading with an increasing bearish bias between a supportive level 1.1712 and a resistance zone 1.1883-1.1874, I expect a loss of this bearish movement followed by a correction to the zone I have mentioned above and a rejection within it to sell EUR with my take profit at 1.1712 and stop loss at 1.1931. In case price does not retrace to the zone 1.1883-1.1874 but instead declines to the supportive level 1.1712, I expect a clear breakout below it with a big red followed by a retracement to it for a further momentum to the lower side. On the chart above, I can only recommendation bullish positions above 1.1883-1.1874.

Trade recommendation

Remain neutral.