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Wait | 31 December 2021

31 December 2021, EUR/USD

Technical observation

On the weekly chart above price is trading with an increasing bullish bias below the resistance zone it established at 1.1426-1.1385, I expect a continuation of this upwards movement to the same zone followed by a rejection within it to pick short positions with my take profit at 1.0808 and stop loss at 1.1609. If price breaks below the key level 1.0808 with a big red candle, my expectation is a further surge to the lower side, however, if there is a clear break above the zone 1.1426-1.1385 with a big green candle, you can anticipate bullish movements towards the resistance level 1.1907. Right now remaining neutral is ideal than picking any positions.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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