Wait | 04 February 2022

Technical observation

On the chart above price rose above the zone 1.1383-1.1373 with a big green candle and I expect a correction to the just broken zone followed by a rejection within it to pick long positions with my take profit at 1.1487 and stop loss at 1.1331. In case of a clear breakout above the level 1.1487 with a big green candle, my expectation is a retracement to the just broken line followed by bounce at it and a further surge to the upper side. Right now as it on the 4 hour chart above, remaining neutral is ideal than picking any positions. As long as EUR is sustained above the zone 1.1383-1.1373 I can only recommend bullish positions.

Trade recommendation

Remain neutral.