We are neutral | 12 April 2023

Technical observation

On the weekly chart above, the price rose above the zone 1.0803-1.0864 and it is currently trading above the same zone with an increasing bullish bias. I expect a loss of this upwards movement followed by a pullback to the broken zone and a bounce within it. My advice, remain neutral and wait for a correction to the zone 1.0803-1.0864, then buy a bounce within it with your take profit at 1.2564 and stop-loss at 1.1188. In case of a clear break above the level 1.2564, I anticipate further bullish movement of price after a correction to the broken line. AS long as EUR is sustained above the zone 1.0803-1.0864, I can only recommend bullish positions.

Trade recommendation

Remain neutral.