Expecting a rally to 0.9596

28 November 2022, EUR/USD

Technical observation

On the chart above price retraced to the resistance zone 1.0410-1.0367 but could not break above it, instead it bounced within this zone and since then it has been trading with an increasing bearish bias. As long as this pair remains below the zone mentioned above, I expect price to surge further to the lower side and if you picked short positions within the zone indicated above, my advice is you remain in the trade with your take profit at 0.9596 and stop-loss at 1.0643. I can only recommend bullish positions towards the resistance level 1.1123 in case of a clear break above the zone 1.0410-1.0367 with a big green candle.

Trade recommendation

Remain short with your take profit at 0.9596.

Imelda Maseno
Analyst of «FreshForex» company
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