09 Maret 2022, EUR/USD
Technical observation
On the chart above price has been on a steady downtrend for some time now and recently id descended below the supportive level 1.1120 with a big red candle then rallied downwards to the level 1.0768 but it could not break below the line. In case price pulls back to the level 1.1120, you can pick short positions at the line after a bounce with your take profit at 1.0768 and stop-loss at 1.1246. In case price does not retrace to the level 1.1120 but instead breaks below the supportive line 1.0768 with a big red candle, I expect the value of this pair to plummet further towards 1.0600. On the daily chart above I can only recommend bearish positions.
Trade recommendation
Remain neutral.