we are flat | 15 July 2022

Technical observation

This week EUR opened bearish below the resistance level 1.0405 and I expect it to close the same. However, despite this downwards movement I expect a correction to the level mentioned above followed by a bounce at it to pick short positions with my take profit at 0.9624 and stop-loss at 1.0938. In case of a clear break below the level 0.9624 with a big red candle, I expect a further momentum to the lower side after a correction to the broken line, and should there be a clear break above the level 1.0405, wait for a pullback to the resistance zone 1.1541-1.1495 to pick short positions with your take profit at 1.0405.

Trade recommendation

Remain flat.