Remain neutral | 29 December 2022

Technical observation

The general trend for the pair on the chart above is upwards, however, for several days now it has been trading with an increasing bearish bias and I expect it to continue further to the lower side. The anticipated downward movement of price is a correction to the supportive zone 1.1744-1.1714 and i expect a rejection within it followed by a momentum to the upper side. My advice, remain flat and wait for a correction to the zone indicated above then buy a bounce within it with your take profit at 1.2335 and stop-loss at 1.1449. On the chart above I can only recommend short positions below the zone 1.1744-1.1714.

Trade recommendation

Remain neutral.