Wait for a correction to the zone 1.1541-1.1495 | 26 April 2022

Technical observation

On the weekly chart above price is trading with an increasing bearish bias above the supportive level 1.0694, my expectation is a rejection of this downwards movement at this level followed by a correction to the resistance level 1.1541-1.1495. My advice, remain flat and wait for a correction to the zone mentioned above to re-sell EUR with your take profit at 1.0694 and stop-loss at 1.1814. If price breaks above the zone 1.1541-1.1495 with a big green candle, I expect a possible surge to the resistance level 1.2257 after a correction to the broken zone. On the other hand if price breaks below the level 1.0694 I expect it to decline towards 1.0331.

Trade recommendation

Wait for a correction to the zone 1.1541-1.1495 to re-sell EUR.