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Wait for a second pullback to the level 1.0600

Wait for a second pullback to the level 1.0600 | 15 Desember 2022

15 Desember 2022, EUR/USD

Technical observation

On the 4 hour chart above price did not bounce at the level 1.0600 as anticipated but instead rose above it with a big green candle, currently this pair is trading with an increasing bearish bias above the just broken line and I expect a continuation of this downwards movement to the same level followed by a rejection at it. My advice, remain flat and wait for a second correction to the line 1.0600 then buy a bounce at it with your take profit at 1.0936 and stop-loss at 1.0461. In case of a clear break above the level 1.0936, I expect price to surge further to the upper side after a correction and a bounce at the broken line.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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