Wait for a correction | 23 July 2021

Technical observation

EUR is trading with an increasing bullish bias above the supportive level 1.1760, I expect this upwards movement to continue to the resistance zone 1.1824-1.1820 followed by a bounce within it for a momentum to the lower side. In case there is a clear breakout below the supportive level 1.1760 with a big red candle, I expect a retracement to it followed by bounce for a further surge to the lower side. On the chart above, as long as price is below the zone 1.1824-1.1820, only short positions look ideal and can be recommned however, In case of a clear breakout above the same zone with a big green candle, I expect price to plummet to the upper side.

Trade recommendation

Remain neutral.