Wait | 01 March 2023

Technical observation

On the 4 hour chart above price is trading with an increasing bullish bias between the supportive level 1.0461 and a resistance zone 1.0784-1.0796, this upwards movement is a pullback to the zone I have indicated above 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, you can expect the value of this pair to plummet further towards the supportive levels 1.0094 and 0.9631.

Trade recommendation

Remain flat.