Wait for a correction to sell EUR | 26 January 2022

Technical observation

The value of the pair on the 4 hour chart above is trading within a channel as indicated above, currently price is trading with an increasing bullish bias and expect this upwards movement to continue to the upper trend line followed by a rejection at it. My advice, remain flat and wait for a correction to the upper trend line as indicated above then pick short positions at it after a bounce with your take profit at 1.1265 and stop loss at 1.1344. In case price clearly penetrates below the lower trend line, I expect a correction of price to it and a bounce followed by a further momentum to the lower supportive level 1.1236.

Trade recommendation

Wait for a correction to sell EUR with your take profit at 1.1265.