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We are flat

We are flat | 21 December 2022

21 December 2022, EUR/USD

Technical observation

On the chart above, price broke above the zone 1.0410-1.0367and it is currently trading above it with an increasing bullish bias. My expectation is a loss of this upwards movement followed by a correction to the zone mentioned above and a possible bounce within it. My advice, remain flat and wait for a correction to the zone I have indicated above then buy a bounce within it with your take profit at 1.1123 and stop-loss at 1.0076. In case of a clear break above the level 1.1123 with a big green candle, I expect the value of this pair to plummet further to the upper side towards the resistance levels 1.1679 and 1.2353.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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