05 January 2023, EUR/USD
Technical observation
On the chart above price is trading with an increasing bullish bias above the supportive zone 1.0410-1.0367 however, I expect a loss of this upwards movement followed by a correction to the zone I have indicated above and a possible rejection within it. My advice, remain neutral and wait for a correction to the zone I have mentioned earlier then buy a bounce within it with your take profit at 1.1123 and stop-loss at 1.0122. In case of a clear break above the level 1.1123, I expect this pair to ascend further upwards towards the level 1.1679 or even higher to 1.2353. On the chart above, I can only recommend short positions below the zone 1.0410-1.0367.
Trade recommendation
Remain neutral.
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