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Remain long towards 1.2179

Remain long towards 1.2179 | 04 March 2021

04 March 2021, EUR/USD

Remain long towards 1.2179

Technical observation

EUR retraced to the supportive zone 1.2057-1.2048 as I had anticipated, price then bounced within the zone and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the resistance line 1.2179 followed by a either a bounce at it or a clear penetration above it. My advice, buy EUR now within the zone mentioned above with your take profit at 1.2179 and stop loss at 1.2004. Should there be a clear breakout below the zone 1.2057-1.2048 with a big red candle, wait for a correction to it and a bounce before you pick short positions towards the supportive level marked at 1.1958.

Trade recommendation

Remain long with your take profit at 1.2179 and stop loss at 1.2004.

Imelda Maseno
Analyst of «FreshForex» company
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