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Expecting a rally to 1.0936.

Expecting a rally to 1.0936. | 16 December 2022

16 December 2022, EUR/USD

Technical observation

On the chart above, EUR broke above the level 1.0600 then pulled back to it twice but both times it could not break below the level and as long as it is sustained above the same line, I expect possible bullish momentum of price. If you picked bullish positions at the supportive level 1.0600 after a bounce, I recommend that you remain in the trade with your take profit at 1.0936 and stop-loss at 1.0511. In case of a clear break above the level 1.0936, I expect the value of this pair to rally further to the upper side after a correction to the broken line. On the chart above, only bullish positions look ideal and can be recommended.

Trade recommendation

Remain long with your take profit at 1.0936.

Imelda Maseno
Analyst of «FreshForex» company
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