Wait for a pullback to the zone 1.0779-1.0706 | 20 February 2023

Technical observation

On the 4 hour chart above, price has been trading with an increasing bullish bias for some time now, this upwards movement is a correction to the resistance zone 1.0779-1.0706 and I expect a possible rejection within it followed by a surge to the lower side. My advice, remain flat and wait for a correction to the zone I have mentioned above then sell a bounce within it with your take profit at 1.0461 and stop-loss at 1.0876. In case of a penetration below the level 1.0461, I expect the value of this pair to plummet towards the supportive levels 1.0094, 0.9631 or lower, on the other hand, I expect bullish movements above the zone 1.0779-1.0706.

Trade recommendation

Wait for a pullback to the zone 1.0779-1.0706 to sell EUR.