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Wait | 25 January 2023

25 January 2023, EUR/USD

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Technical observation

EUR is trading with an increasing bullish bias between the supportive zone 1.0694-1.0711 and a resistance level 1.1064, my expectation is a loss of this upwards movement followed by a correction to the zone I have mentioned above and a rejection of price within it. My advice, remain neutral and wait for a correction to the zone indicated above then buy a bounce within it with your take profit at 1.1064 and stop-loss at 1.0623. If there is a clear break above the level 1.1064 with a big green candle, I expect the value of this pair to surge further to the upper side on the other hand, a rally to the lower side is expected in case of a break below the zone 1.0694-1.0711 .

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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