Remain flat temporarily. | 19 June 2023

Technical observation

On the chart above the price is trading with an increasing bullish bias slightly below the resistance zone 1.1048-1.1075, this upwards movement is a pullback to the same zone and I expect a possible rejection within it followed by a surge to the lower side. My advice, remain flat temporarily and wait for a pullback to the zone indicated above then sell a bounce within it with your take profit at 1.0319 and stop-loss at 1.1368. If there is a clear break below the level 1.0319, I expect the price to plunge towards the supportive level 0.9533 or lower. On the other hand, I expect bullish movements in case of a break above the zone 1.1048-1.1075.

Trade recommendation

Remain flat temporarily.