08 February 2022, EUR/USD
Technical observation
Last week the pair on the weekly chart above rose above the zone 1.1413-1.1375 with a big green candle and as long as it is sustained above this zone, I expect nothing but bullish movements of price. This week I expect bearish movements towards the just broken zone however price can still rally upwards. My advice, remain neutral and wait for a correction to the zone I have mentioned above then pick long positions within it with your take profit at 1.1881 and stop loss at 1.1140. Should there be a clear breakout above the level 1.1881 with a big green candle, wait for a correction to it before you continue long towards the upper resistance level 1.2457.
Trade recommendation
Remain neutral.