21 January 2022, EUR/USD
Technical observation
On the hourly chart above price is trading with an increasing bullish bias between the supportive level 1.1272 and the resistance zone 1.1360-1.1357, I expect a continuation of this upwards movement to the zone mentioned above followed by a bounce within it to re-sell EUR with my take profit at 1.1272 and stop loss at 1.1384. In case of a clear break below the level 1.1272 with a big red candle I expect the value of this pair to plummet further to the lower side. However, if price breaks above the zone 1.1360-1.1357 with a big green candle, I anticipate bullish movements towards the resistance level 1.1434 after a correction to the broken zone.
Trade recommendation
Remain flat.
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