Pick short positions now within the zone 1.0759-1.0696 | 20 December 2022

Technical observation

On the weekly chart above price has been rising steadily and it is currently trading with an increasing bullish bias within the resistance zone 1.0759-1.0696. This upwards movement was a correction to the zone mentioned above and I expect a possible rejection of price within it to pick short positions with my take profit at 0.9532 and stop-loss at 1.1250. In case of a clear break below the level 0.9532, I expect the value of this pair to plummet further to the lower side after a correction to the broken line; on the other hand, if there is a clear break above the zone 1.0759-1.0696, I expect a momentum towards the level 1.2258.

Trade recommendation

Pick short positions now within the zone 1.0759-1.0696 with your take profit at 0.9532.