Expecting a pullback to the level 1.0349 | 18 July 2022

Technical observation

On the 4 hour chart above price declined to the supportive level 0.9988 but could not break below it, instead it bounced at the same level and for some time now it has been trading with an increasing bullish bias. I expect a continuation of this upwards movement to the resistance line 1.0349 followed by a bounce at it to re-sell EUR with my take profit at 0.988 and stop-loss at 1.0483, In case of a clear breakout below the supportive level 0.9988 with a big red candle, I expect price to plummet to the lower side after a pullback to the broken line. I can only recommend bullish positions above the level 1.0349.

Trade recommendation

Wait for a correction to the level 1.0349 to sell EUR.