22 September 2022, EUR/USD
Technical observation
On the 4 hour chart above price declined to the supportive level 0.9814 but could not break below it, instead it bounced at this line and currently it is trading with an increasing bullish bias. This upwards movement is a correction to the resistance zone 1.0106-1.0089 and I expect a rejection of price within it to pick short positions with my take profit at 0.9814 and stop loss at 1.0191. If there is a clear break below the level 0.9814 with a big red candle, I expect the value of the pair above to plummet further after a pullback to the broken line, however, in case of a break above the zone 1.0106-1.0089, I expect price to rise towards the level 1.0348.
Trade recommendation
Remain neutral.
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