We are neutral | 13 January 2022

Technical observation

EUR did not decline as I had predicted but instead, it rose and penetrated above the resistance zone 1.1384-1.1371 with a big green candle and as long as it is contained above the just broken zone I expect nothing but bullish movements of this pair. Right now as it is on the 4 hour chart above, I would advise that you remain neutral and wait for a correction to the zone mentioned above then buy EUR within it with your take profit at 1.1516 and stop loss at 1.1324. In case of a clear break above the level upper resistance 1.1516 with a big green candle, I expect the value of this pair to rally further upwards toward 1.1685.

Trade recommendation

Remain flat.