Expecting a rally towards 1.1074. | 18 April 2023

Technical observation

On the hourly chart above the price pulled back to a trend line as indicated but could not break below it, instead it bounced at the same line and since then it has been trading with an increasing bullish bias, today I expect a further surge to the upper side and in case you are currently holding bullish positions, I recommend you remain in the trade with your take profit at 1.1074 and stop-loss at 1.0837. If there is a clear break above the level 1.1074, I expect the value of this pair to plummet further to the upper side after a correction to the broken line. On the other hand, I can only recommend short positions below the zone 1.0791-1.0782.

Trade recommendation

Remain long with your take profit at 1.1074.