01 August 2022, EUR/USD
Technical observation
On the 4-hour chat above price is trading with an increasing bullish bias below a resistance zone 1.0269-1.0232 and i expect a loss of this upwards movement within the same zone followed by possible momentum to the lower side. My advice, remain flat temporarily and pick short positions within the zone I have mentioned above after a bounce with your take profit at 0.9988 and stop-loss at 1.0379. In case of a clear break below the level 0.9988 with a big red candle, I expect the price to decline further after a correction to the broken line. I can only recommend bullish positions in case of a break above zone 1.0269-1.0232.
Trade recommendation
Place a pending sale order within the zone 1.0269-1.0232 with your take profit at 0.9988.
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