Remain bullish towards 1.1081. | 24 May 2023

Technical observation

On the chart above the price retraced to the supportive zone 1.0762-1.0749 then bounced within it and it is currently trading with an increasing bullish bias above the same zone. Today I expect a further surge to the upper side and in case you picked bullish positions within the zone I have indicated above, I recommend you remain in the trade with your take profit at 1.1081 and stop-loss at 1.0671. If there is a clear penetration above the level 1.1081 with a big green candle, I expect the value of this pair to ascend further after a correction to the broken line; on the other hand, I anticipate possible bearish movement of price below the zone 1.0762-1.0749.

Trade recommendation

Remain long with your take profit at 1.1081.