03 January 2023, EUR/USD
Technical observation
On the chart above price is trading with an increasing bearish bias above the supportive zone 1.0410-1.0367, this bearish movement is a correction to the zone I have indicated above and I expect to decline to the same zone then bounce within it. My advice, remain neutral and wait for a pullback to the zone 1.0410-1.0367 then buy a bounce within it with your take profit at 1.1123 and stop-loss at 1.0126. If there is a clear break above the level 1.1123, I expect the value of EUR to ascend towards the resistance level 1.1679 or even higher to the level 1.2353, on the chart above, I can only recommend short positions below the zone 1.0410-1.0367.
Trade recommendation
Remain neutral.
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