We are neutral. | 16 August 2022

Technical observation

On the 4 hour chart above, price rose above a zone 1.0285-1.0269 but it was not sustained above it, instead it declined below the same zone with a big red candle then pulled back to it and since then it has been trading with an increasing bearish bias. As long as EUR is contained below the zone I have indicated above, I expect it to surge further to lower side, my advice, remain flat and wait for a correction to the zone 1.0285-1.0269 then sell a bounce within it with your take profit at 0.9988 and stop-loss at 1.0366. As is on the chart above, I can only recommend bullish positions in case of a clear break above the zone 1.0285-1.0269.

Trade recommendation

Remain flat.