We are neutral. | 28 July 2022

Technical observation

On the 4 hour chart above price is trading with an increasing bearish bias between a supportive zone it established at 134.70-134.49 and a resistance level 139.35. I expect a decline to the zone I have mentioned above followed by a rejection within it to pick bullish positions with my take profit at 139.35 and stop-loss at 132.94. In case of a break above the level 139.35, I expect a further surge to the upper side after a correction to the broken line, on the other hand, should there be a clear break below the zone 134.70-134.49, I expect price to descend towards the supportive 126.78 or even lower to the level 121.21.

Trade recommendation

Remain flat.