We are flat | 22 August 2023

Technical observation

On the chart above the price declined to a lower trend line as I had anticipated earlier but did not break below it, instead it bounced at this level and it is currently trading with an increasing bullish bias, this upwards movement is a correction towards the resistance zone 1.1523-1.1496 and I expect a rejection within it followed by a surge to the lower side. My advice, remain neutral and wait for a correction to the trend line as shown above then sell a bounce at it with your take profit at 1.0867 and stop-loss at 1.1496. In case of a clear rise above the zone 1.1523-1.1496, I expect the value of EUR to ascend towards 1.2353.

Trade recommendation

Remain neutral.