We are neutral temporarily | 22 November 2022

Technical observation

On the hourly chart above price is trading with an increasing bearish bias slightly above the supportive zone 1.0224-1.0209 and my expectation is a decline to this zone followed by either a rejection of price within it or a clear break below it with a big red candle. In case of a bounce within this zone, pick bullish positions with your take profit at 1.0480 and stop-loss at 1.0141, and if there is a clear break below the same zone with a big red candle, wait for a correction and rejection of price to the just broken zone before you pick short positions towards the supportive level 0.9943 or even lower to the key level 0.9728.

Trade recommendation

Remain neutral temporarily.