We are neutral | 23 February 2022

Technical observation

On the daily chart above price is trading with an increasing bullish bias below the resistance zone 1.1483-1.1461, this upwards movement is correction to the zone I have mentioned above and I expect a loss of it within the zone to short this pair with my take profit at 1.1120 and stop loss at 1.1594. In case of a clear penetration below the level 1.1120 with a big red candle, I expect the value of this pair to plummet towards 1.0768 after a correction to the broken line, on the other hand should there be a clear breakout above the zone 1.1483-1.1461 with a big green candle, I expect a possible momentum to the upper side after a retracement to the broken zone.

Trade recommendation

Remain neutral.