16 February 2023, EUR/USD
Technical observation
On the daily chart above, price is trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 1.0410-1.0372 and I expect a possible rejection within it followed by a surge to the upper side. My advice, remain neutral and wait for a correction to the zone I have mentioned above then buy a bounce within it with your take profit at 1.1123 and stop-loss at 1.0092. If there is a clear break above the level 1.1123 with a big green candle, I expect the value of this pair to ascend further towards the resistance level 1.1679 or even higher to the key level 1.2353. I can only recommend short positions below the zone 1.0410-1.0372.
Trade recommendation
Wait for a correction to the zone 1.0410-1.0372 to buy EUR.
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