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Expecting a rally towards 1.0936

Expecting a rally towards 1.0936 | 02 January 2023

02 January 2023, EUR/USD

Expecting a rally towards 1.0936

Technical observation

On the chart above price is trading with an increasing bearish bias above the supportive level it established at 1.0600, this downwards movement is a slight correction to the level I have mentioned above and I expect a loss of it followed by a rally to the upper side. If you are currently holding bullish positions with the pair above my advice is, remain in the trade with your take profit at 1.0936 and stop-loss at 1.0489. Should there be a clear break above the level 1.0936 with a big green candle; a further momentum to the upper side can be expected after a correction and a rejection of price at the broken line.

Trade recommendation

Remain long with your take profit at 1.0936.

Imelda Maseno
Analyst of «FreshForex» company
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