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Wait | 19 January 2023

19 January 2023, EUR/USD

Technical observation

On the chart above price is trading with an increasing bearish bias between the supportive zone 1.0410-1.0367 and a resistance level 1.1123. This bearish movement is a correction to the zone I have mentioned above and I expect a rejection of price within it followed by a surge to the upper side. My advice, remain neutral and wait for a correction to the zone 1.0410-1.0367 then buy a bounce within it with your take profit at 1.1123 and stop-loss at 1.0122. If there is a clear break above the level 1.1123 with a big green candle, I expect the value of this pair to ascend further towards the upper resistance levels 1.1679 and 1.2353.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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