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Wait for a pullback to sell EUR

Wait for a pullback to sell EUR | 28 January 2022

28 January 2022, EUR/USD

Wait for a pullback to sell EUR

Technical observation

On the hourly chart above price broke below the level 1.1236 then declined steadily and was sustained around the supportive level 1.1138. Currently, the pair above is trading with an increasing bearish bias above the line 1.1138, however, I expect a loss of this downwards movement followed by a retracement to the level 1.1236 and a bounce at it to sell EUR with my take profit at 1.1138 and stop loss at 1.1274. In case of a clear breakout below the level 1.1138 with a big red candle, I expect EUR to plummet further to the lower side. As it is on the hourly chart above, only bearish positions look ideal and can be recommended.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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