Wait | 19 May 2023

Technical observation

On the chart above, the price declined below the zone it established at 1.0801-1.0789 and it’s currently trading with an increasing bearish bias below the same zone. However, I expect a loss of this downwards movement followed by a pullback to the zone I have indicated above and a possible bounce within it, my advice; remain neutral and wait for a pullback to the zone I mentioned earlier then sell a bounce within it with your take profit at 1.0460 and stop-loss at 1.0862. If the price declines below the supportive level 1.0460, I expect it to plummet further downwards after a pullback and a bounce at the broken line.

Trade recommendation

Remain neutral.