We are neutral | 11 July 2023

Technical observation

On the chart above the price is retracing to the resistance zone 1.1053-1.0994 and it is currently trading with an increasing bullish bias. This week I expect a continuation of this upwards movement and I anticipate a possible rejection within this zone, my advice, place a pending sell limit order within the zone indicated above with your take profit at 0.9532 and stop-loss at 1.1458. If there is a clear break below the level 0.9532, I expect the value of this pair to plummet further after a correction to the broken line; however, in case of a break above the zone 1.1053-1.0994, I expect the price to ascend towards 1.2461.

Trade recommendation

Remain neutral.