Wait for a correction | 17 January 2022

Technical observation

On the weekly chart above, price is trading with an increasing bullish bias below the resistance zone 1.1459-1.1417, this week, I expect a continuation of this upwards movement to the zone I have mentioned above followed by a rejection within it to sell EUR with my take profit at 1.0693 and stop loss at 1.1691. If price declines and clearly penetrates below the supportive level 1.0693 with a big red candle, I expect a further rally to the lower side after a retracement to the broken line. On the chart above, as long as price remains below the zone 1.1459-1.1417, I can only recommend bullish positions for this pair.

Trade recommendation

Wait for a correction to the zone 1.1459-1.1417 to sell EUR.