Expecting a rally towards 1.1003 | 06 January 2022

Technical observation

On the daily chart above, price is trading with an increasing bullish bias slightly below the resistance level it established at 1.1372, I expect a rise to the same line followed by a bounce at and as long as the value of this pair is sustained below the line, I anticipate bearish movements towards the supportive level 1.1003. You can pick short positions at the line 1.1372 after a bounce with your take profit at 1.003 and stop loss at 1.1464. Should there be a clear breakout below the supportive level 1.003 with a big red candle, I expect price to plummet further towards the lower supportive level 1.0636.On the other hand, in case of a break above the level 1.1372 with a big green candle, I expect a momentum to the resistance zone 1.1650-1.1633.

Trade recommendation

Remain short with your take profit at 1.1003.