Wait for a correction to the zone 1.0224-1.0209 | 24 November 2022

Technical observation

On the hourly chart above, price rose up to the resistance level 1.0444 then bounced at it as I had anticipated and since then it has been trading with an increasing bearish bias. This downwards movement is a correction to the supportive zone price established at 1.0224-1.0209 and I expect a rally to this zone followed by a rejection of price within it. My advice, remain flat and wait for a pullback to the zone mentioned above then buy a bounce within it with your take profit at 1.0444 and stop-loss at 1.0120. As it is on the chart above, I can only recommend short positions in case of a clear break below the zone 1.0224-1.0209.

Trade recommendation

Wait for a correction to the zone 1.0224-1.0209 to buy EUR.