Expecting a pullback to the zone 1.0219-1.0199 | 05 Desember 2022

05 Desember 2022, EUR/USD

Expecting a pullback to the zone 1.0219-1.0199

Technical observation

On the 4 hour chart above price is trading with an increasing bullish bias slightly below the resistance level 1.0613 and in case it ascends to this level I expect either a clear break above it with a big green candle or a rejection of price of at it. My advice, remain neutral and wait for either a correction of price to the supportive zone 1.0219-1.0199 to buy EUR with your take profit at 1.0613 and stop-loss at 1.0091. On the other hand if there is a clear break above the level 1.0613 with a big green candle wait for a retracement to the broken level before you continue long with this pair. On the chart above, I can only recommend bearish positions below the zone 1.0219-1.0199.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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