We are neutral | 26 January 2023

Technical observation

Previously price traded with an increasing bullish bias for four consecutive days on the daily chart above, however today price opened bearish and I expect it to continue to the lower side for a while. This bearish movement is a slight correction to the lower side and I still anticipate bullish movements to the key level 1.1123. My advice, wait for a rise to the level 1.1123 and a rejection at it followed by a correction to the supportive zone 1.0410-1.0372 to buy EUR with your take profit at 1.1123 and stop-loss at 1.0125. In case of a clear break above the level 1.1123, wait for a pullback to it before you continue long with EUR.

Trade recommendation

Remain flat.