Looking to buy within 1.0801-1.0789 | 18 May 2023

Technical observation

On the chart above the price is trading with an increasing bearish bias slightly above the supportive zone 1.0801-1.0789 and I expect a decline to the same zone followed by a possible rejection of price within it. My advice, place a pending buy limit order within the zone I have mentioned above with your take profit at 1.1081 and stop-loss at 1.0713. If there is a clear break above the level 1.1081, wait for a pullback to it before you continue long, on the other hand, should there be a clear penetration below the zone 1.0801-1.0789, you can expect the value of the pair above to plummet towards the supportive level 1.0460 or lower.

Trade recommendation

Place a pending buy limit order within the zone 1.0801-1.0789 with your take profit at 1.1081.