23 August 2022, EUR/USD
Technical observation
On the 4 hour chart above, price declined to the supportive level 0.9950 and it is currently trading below the same line with an increasing bullish bias, I expect a continuation of this upwards movement to the resistance zone price established at 1.0287-1.0265 followed by a bounce within it to re-sell EUR. My advice, remain flat and wait for a correction to the zone indicated above the sell a bounce within it with your take profit at the level 0.9950 and stop-loss at 1.0368. In case of a clear penetration above the zone 1.0287-1.0265, I expect price to surge towards the resistance level 1.0596, or even higher to the level 1.0939.
Trade recommendation
Remain neutral.
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