Remain neutral temporarily. | 03 August 2023

Technical observation

On the 4 hour chart above the price is trading with an increasing bearish bias and today I expect it plunge even further, this downwards movement is a correction to the supportive zone 1.0849-1.0834 and I expect a possible rejection within this zone followed by a surge to the upper side. My advice, remain neutral and wait for a correction to the zone indicated above then buy a bounce within it with your take profit at 1.1149 and stop-loss at 1.0741. If there is a rise above the level 1.1149 wait for a correction and bounce at it before you continue long, as it is on the chart above, I can only recommend short positions below the zone 1.0849-1.0834.

Trade recommendation

Remain neutral temporarily.