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Wait | 03 February 2023

03 February 2023, EUR/USD

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Technical observation

On the 4 hour chat above price has been trading with an increasing bearish bias with the past three consecutive candle, this downwards movement is a correction to the supportive zone 1.0694-1.0711 and I expect a possible rejection within it followed by a rally to the upper side. My advice, remain flat 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 1.0624. 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 after a correction and a bounce at the broken line.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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