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we are flat

we are flat | 03 January 2022

03 January 2022, EUR/USD

we are flat

Technical observation

On the 4 hour chart above price broke above a resistance zone 1.1372-1.1364 with a big green candle and it is still showing signs of rising even further, however, I expect a loss of this upwards movement followed by a correction to the just broken zone and a bounce within. My advice, remain flat and wait for a correction to 1.1372-1.1364 then buy a bounce within it with your take profit at 1.1516 and stop loss at 1.1311. If price breaks above the level 1.1516 with a big green candle, I anticipate a further surge towards the upper resistance level 1.1660. As it is on the chart above, only bullish positions are ideal for this pair.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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