We are neutral. | 09 December 2022

Technical observation

On the chart above price rose towards the resistance level 1.0594 and it is currently trading below it with an increasing bullish bias. I expect a rally to this level followed by either a rejection at it or a clear break above it with a big green candle. My advice, if price is rejected at the level 1.0595, wait for a pullback to the zone 1.0456-1.0449 then buy a bounce within it with your take profit at 1.0594 and stop-loss at 1.0404, on the other hand, in case of a clear break above 1.0594, wait for a pullback to it before you pick bullish positions. As it is on the chart above, I can only recommend short positions in case of a break below the zone 1.0456-1.0449.

Trade recommendation

Remain neutral.