25 February 2022, EUR/USD
Technical observation
On the 4 hour chart above, price declined and broke below the supportive zone it established at 1.1248-1.1239 then rallied further downwards. However, it could not break below the supportive level 1.1130 and currently it is trading with an increasing bullish bias. This upwards movement is a correction to the zone I have mentioned above and I expect a rejection within it to pick short positions with my take profit at 1.1130 and stop loss at 1.1292. As long as EUR is sustained below the resistance zone 1.1248- 1.1239 I can only recommend short positions for this pair. Right now remaining neutral is ideal than picking any positions.
Trade recommendation
Remain flat.