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Remain short

Remain short | 19 January 2022

19 January 2022, EUR/USD

Remain short

Technical observation

On the weekly chart above, price retraced to the resistance zone 1.1413-1.1375 but could not break above it, it however bounced within the zone and this week it has been trading with an increasing bearish bias. I expect a continuation of this downwards movement towards the level 1.0697 followed by a possible break below it. If you picked short positions within the zone mentioned above, remain short with your take profit at 1.0697 and stop loss at 1.1569. In case EUR is not sustained below the zone 1.1413-1.1375 but instead breaks above it with a big green candle, bullish movements can be expected after correction to the broken zone and a rejection within it.

Trade recommendation

Remain short with your take profit at 1.0697.

Imelda Maseno
Analyst of «FreshForex» company
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