Expecting to sell within 1.3057-1.3050 | 11 April 2022

Technical observation

On the hourly chart, above price is pulling back to a resistance zone it established at 1.3057-1.3050 and I expect a rejection of this upwards movement within the same zone to pick short positions with my take profit at 1.2982 and stop-loss at 1.3085. Should there be clear breakout below the level 1.2982 I anticipate a possible further momentum to the lower side after a correction to the broken line. On the other hand if price is not sustained below the zone mentioned above but instead breaks above it with a big green candle, I expect a momentum towards the key level 1.3160 after a correction to the broken zone.

Trade recommendation

Remain neural temporarily.