Remain neutral temporarily. | 13 December 2022

Technical observation

On the weekly chart above price is trading with an increasing bullish bias slightly below the resistance zone 1.759-1.0696, this upwards movement is a correction to the zone indicated above and I expect a bounce within it followed by a momentum to the lower side. My advice, remain neutral and wait for a correction to the zone indicated above then sell a bounce within it with your take profit at 0.9532 and stop-loss at 1.1186. In case of a break below the level 0.9532, you can expect the value of this pair to surge further to the lower side, and if there is a break above the zone 1.759-1.0696, I expect possible further bullish movements of price.

Trade recommendation

Remain neutral temporarily.