Wait for a pullback to sell EUR | 29 April 2022

Technical Observation

EUR did not rise as I had expected but instead declined for some time up to the level 1.0481. Currently price is trading with an increasing bearish bias above the level mentioned above however I still expect a correction to the resistance zone 1.0785-1.0769 and a rejection within it to pick short positions with take profit at 1.0484 and stop loss at 1.0859. If price clearly breaks below the level 1.0484, I expect it to surge further to the lower side, but should there be a clear break above the zone 1.0785-1.0769 with a big green candle, I expect EUR to rally towards the resistance level 1.1127 after a pullback to the broken zone.

Trade recommendation

Remain neutral.