We are flat | 21 February 2023

Technical observation

On the hourly chart above, price is trading with an increasing bullish bias between the supportive level 1.0612 and the resistance zone 1.0790-1.0797, today I expect a continuation of this upwards movement to the zone I have mentioned above followed either a bounce within or a clear break above it with a big green candle. My advice, remain flat and wait for a pullback to the zone indicated above then sell a bounce within it with your take profit at the level 1.0612 and stop-loss at 1.0876. If there is a clear penetration below the level 1.0612, I expect the value of EUR to descend towards the key level 1.0438 or even lower.

Trade recommendation

Remain flat.