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Remain short

Remain short | 22 Maret 2021

22 Maret 2021, EUR/USD

Remain short

Technical observation

On daily chart above, price retraced to a zone it established at 1.2011-1.1965 but did not break above it, it bounced within the zone and is currently trading with an increasing bearish bias. I expect a decline to the supportive level 1.1632 followed by either a clear breakout below it with a big red candle or, a rejection at it followed by a retracement to the zone 1.2011-1.1965. If you sold EUR within the zone 1.2011-1.1965 after a bounce, remain short with your take profit at 1.1632 and stop loss at 1.2140. In case of a break below the level 1.1632, wait for a retracement to it before you continue short towards 1.1172.

Trade recommendation

Remain short with your take profit at 1.1632.

Imelda Maseno
Analyst of «FreshForex» company
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