We are flat | 13 January 2023

Technical observation

EUR has been trading with an increasing bullish bias for the past two consecutive days and today I expect a continuation of this upwards movement towards the resistance level 1.1123, at this level, I expect either a clear break above it with a big green candle, or a rejection of price at it followed by another correction to the supportive zone 1.0410-1.0367. My advice, remain neutral and wait for either a correction to the zone indicated above or a clear break above the level 1.1123 to buy EUR. On the chart above, I can only recommend short positions in case of a clear break below the zone 1.0410-1.0367.

Trade recommendation

Remain neutral.