We are flat | 12 October 2023

Technical observation

On the chart above, the price has been trading with an increasing bullish bias since the beginning of the week and today I expect a further surge to the upper side. This upwards movement is a correction to the resistance zone 1.0770-1.0795 and I expect a possible rejection within it followed by a surge to the lower side. My advice, remain neutral and wait for a pullback to the zone I have indicated above then sell a bounce within it with your take profit at 1.0319 and stop-loss at 1.0947. If there is a clear break below the level 1.0319, I expect further bearish movements towards the supportive level 0.9533.

Trade recommendation

Remain neutral.