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.
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