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Wait | 01 February 2022

01 February 2022, EUR/USD

Technical observation

On the 4 hour chart above, price rose steadily and broke above the key level 1.1196 with a big green candle; my expectation is a retracement to the broken line followed by a bounce at it and a rally to the upper side. However, I would advise that you remain flat and wait for a second correction to the broken line then buy EUR at it with your take profit at 1.1373 and stop loss at 1.1146. In case the value of this pair is not sustained above the level 1.1196 but clearly breaks below it with a big red candle, I expect a correction and rejection at the broken line followed by bearish movements of price towards 1.1105.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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