Remain neutral temporarily. | 16 November 2022

Technical observation

On the weekly chart above price is trading with an increasing bullish bias and I expect it to rally further to the upper side, the anticipated bullish movement is correction to the resistance zone 1.0769-1.0696 and I expect rejection of price within it. My advice, remain neutral temporarily and wait for a correction to the zone mentioned above then sell EUR within it with your take profit at 0.9532 and stop-loss at 1.1186. A further surge to the lower side can be expected in case of a clear break below the level 0.9532, however if there is a penetration above the zone 1.0769-1.0696, I expect the value of EUR to ascend towards 1.2258.

Trade recommendation

Remain neutral temporarily.