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Wait for a correction to 1.2087-1.2048

Wait for a correction to 1.2087-1.2048 | 12 March 2021

12 March 2021, EUR/USD

Wait for a correction to 1.2087-1.2048

Technical observation

EUR is trading with an increasing bearish bias below a resistance zone it established at 1.2087-1.2048. I expect a loss of this bearish rally followed by a rise to the zone mentioned above and a bounce within it to pick short positions. My advice, remain flat and wait for a correction to the zone 1.2087-1.2048 to sell EUR with your take profit at 1.1632 and stop loss at 1.2241. In case of a clear break below the level 1.1632, I expect the value of this pair to plummet to the key level 1.1172 or even lower to the supportive level 1.0771. As long as EUR is contained below the zone mentioned above, i can only recommend bearish positions.

Trade recommendation

Wait for a correction to 1.2087-1.2048 to sell EUR with your take profit at 1.1632.

Imelda Maseno
Analyst of «FreshForex» company
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