Remain neutral temporarily. | 27 December 2022

Technical observation

On the chart above price has been rising steadily towards the resistance zone 1.0759-1.0696 and it is currently trading slightly below it with an increasing bullish bias. I expect a continuation of this upwards movement to the zone I have mentioned above followed by a rejection within it, and my advice is, remain neutral and wait for a pullback to the zone I mentioned earlier then sell a bounce within it with your take profit at 0.9532 and stop-loss at 1.1140. If there is a clear break below the level 0.9532, I expect the value of this pair to plummet further to the lower side, on the chart above; I can only recommend bullish positions above the zone 1.0759-1.0696.

Trade recommendation

Remain neutral temporarily.