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Remain short

Remain short | 12 January 2022

12 January 2022, EUR/USD

Remain short

Technical observation

Yesterday EUR did not decline as I had predicted but instead rose with a big green candle and currently it is still trading with an increasing bullish bias. In case of a clear breakout above the resistance level 1.1372 with a big green candle, wait for a pullback to the broken line then buy EUR at it with your take profit at 1.1003 and stop loss at 1.1465. However, as long as the value of this pair is contained below the level I have mentioned above, I expect a possible surge towards the supportive level 1.1003 followed by either a clear breakout below it with a big red candle or a bounce at it. Right now remain short with your take profit at 1.1003.

Trade recommendation

Remain short with your take profit at 1.1003 and stop loss at 1.1465.

Imelda Maseno
Analyst of «FreshForex» company
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