we are neutral | 11 May 2022

Technical observation

On the daily chart above price is trading with an increasing bullish bias between the supportive level 1.0334 and a resistance level 1.0771. My expectation is a continuation of this upwards movement to the resistance level I have mentioned above followed by a bounce at it to pick short positions with my take profit at 1.0334 and stop-loss at 1.0980. Should there be a clear penetration below the level 1.0334, I expect price to plummet further to the lower side, however, in case of a break above the key level 1.0771, I expect a surge to the resistance zone 1.1146-1.1127. Right now remaining neutral is ideal than picking any positions.

Trade recommendation

Remain flat.