Remain flat temporarily. | 13 March 2023

Technical observation

On the chart above price is trading with an increasing bullish bias slightly below the resistance zone 1.0779-1.0796 and I expect a continuation of this upwards movement to the same zone followed by a rejection within it. My advice, remain flat temporarily 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 1.0875. If there is a clear break below the level 1.0461, I expect the value of this pair to descend further towards the supportive levels 1.0094 and 0.9540 or lower. On the chart above, I can only recommend bullish positions above the zone 1.0779-1.0796.

Trade recommendation

Remain flat temporarily.