Expecting a momentum to the level 1.1234 | 30 December 2021

Technical observation

On the chart above, price retraced to the zone 1.1359-1.1352 but could not break above it, instead, it bounced below the zone and currently it is trading with an increasing bearishbias. I expect a continuation of this downwards movement to the supportive zone 1.1234-1.1228 followed by either a clear breakout below it with a big red candle or a bounce at it followed by another correction to the zone 1.1359-1.1352. If you are currently holding bearish positions with this pair, remain in the trade with your take profit at 1.1234 and stop loss at 1.1431. For the pair above, i can only recommend bullish positions above the zone 1.1359-1.1352.

Trade recommendation

Remain short with your take profit at 1.1234.