We are neutral. | 21 July 2022

Technical observation

On the weekly chart above price is trading with an increasing bullish bias above a supportive level 1.0080 and as long it is sustained above this level, I expect a continuation of this upwards movement to the resistance zone 1.1495-1.1425 followed by a bounce within it to pick short positions with my take profit at 1.0080 and stop-loss at 1.1884. If there is a clear break below the level 1.0080, I expect the value of the pair above to descend further after a correction to the broken level. As it is on the weekly chart above, I can only recommend bullish positions in case there is a clear break above the zone 1.1495-1.1425.

Trade recommendation

Remain flat.