we are flat

30 November 2022, EUR/USD

we are flat

Technical observation

On the 4 hour chart above price is trading with an increasing bearish bias between the supportive zone 1.0226-1.0209 and a resistance level 1.0600, this downwards movement is a correction to the zone I have mentioned above and I expect a rejection of price within it to pick bullish positions with my take profit at 1.0600 and stop-loss at 1.0088. In case of a clear break above the level 1.0600 with a big green candle I expect a further surge to the upper side, however, if there is a clear break below the zone indicated above, I anticipate possible bearish movements of price towards the supportive level 0.9740 or lower.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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