12 July 2023, EUR/USD
Technical observation
On the chart above, the price is retracing to a resistance zone it established at 1.1048-1.1075 and I expect a rejection of this upwards movement within the same zone followed by a possible momentum to the lower side. My advice, remain neutral 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 1.1329. If there is a clear break below the level 1.0319, I anticipate a further surge towards the supportive level 0.9533 or lower. On the chart above, as long as the price is sustained below the zone 1.1048-1.1075, only short position is ideal and can be recommended.
Trade recommendation
Sell EUR within the zone 1.1048-1.1075 with your take profit at 1.0319.
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