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Looking to sell within 1.1392-1.1373

Looking to sell within 1.1392-1.1373 | 27 January 2022

27 January 2022, EUR/USD

Technical observation

On the chart above, price rose above the resistance zone 1.1392-1.1373 with a big green candle but could not be sustained above it, instead, it decline below the same zone with a big red candle then declined further towards 1.1157. Right now however, the value of the pair above is trading with an increasing bullish bias and I expect a continuation of this upwards movement to the zone mentioned above followed by a rejection within it sell EUR with my take profit at 1.1157 and stop loss at 1.1490. In case of a clear breach below the level 1.1157 with a big red candle, I expect price to plummet further towards 1.0987.

Trade recommendation

Wait for a correction to the zone 1.1392-1.1373 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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