Remain neutral with EUR | 19 July 2023

Technical observation

On the chart above, the price rose above the zone 1.1048-1.1075 with a big green candle and it has been trading with an increasing bearish bias for some time now. This downwards movement is a correction to the zone indicated above and I expect a possible bounce within it followed by a surge to the upper side. My advice, remain neutral and wait for second pullback to the zone I mentioned earlier to pick bullish positions with your take profit at 1.1679 and stop-loss at 1.10830. Should the price rise above the level 1.1679, i expect the value of EUR to ascend further towards the resistance level 1.2353.

Trade recommendation

Remain neutral.