We are neutral | 17 February 2023

Technical observation

On The hourly chart above, price id trading with an increasing bearish bias at the supportive level 1.0631, however, I expect a loss of this downwards movement followed by a correction to the resistance zone 1.0789-1.0797 followed by a rejection within it. My advice, remain neutral and wait for a correction to the zone I have mentioned above then sell a bounce within it with your take profit at 1.0631 and stop-loss at 1.0859. if there is a clear break below the level 1.0631 with a big red candle, I expect the value of this pair to descend towards the key level 1.0438 or even lower, I can only recommend bullish positions above the zone 1.0789-1.0797.

Trade recommendation

Remain neutral.