Expecting a rally towards 1.1269. | 30 August 2023

Technical observation

On the chart above the price retraced to a lower trend line as shown on the chart above but did not break below it, instead it bounced on this line and it is currently trading with an increasing bullish bias, today I anticipate a further surge to the upper side and in case you already picked bullish positions, I recommend that you remain in the trade with your take profit at 1.1269 and stop-loss at 1.0506, if there is a clear break above the level 1.1269, I anticipate a further surge to the upper side towards the resistance zone 1.1523-1.1496 or even higher to 1.2353. I can only recommend short positions below the level 1.0790.

Trade recommendation

Remain long with your take profit at 1.1269.