28 Januari 2022, EUR/USD
Technical observation
On the hourly chart above price broke below the level 1.1236 then declined steadily and was sustained around the supportive level 1.1138. Currently, the pair above is trading with an increasing bearish bias above the line 1.1138, however, I expect a loss of this downwards movement followed by a retracement to the level 1.1236 and a bounce at it to sell EUR with my take profit at 1.1138 and stop loss at 1.1274. In case of a clear breakout below the level 1.1138 with a big red candle, I expect EUR to plummet further to the lower side. As it is on the hourly chart above, only bearish positions look ideal and can be recommended.
Trade recommendation
Remain flat.
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