We're short towards 1.1632 | 17 March 2021

17 March 2021, EUR/USD

We're short towards 1.1632

Technical observation

EUR is has been declining steadily below the resistance zone 1.2011-1.1965, I expect this downwards movement to continue to the supportive level 1.1632 followed by either a clear breakout below it with a big red candle, or a bounce at it followed by a pullback to the zone mentioned above. My advice, if you went short with this pair within the zone 1.2011-1.1965 after a bounce, remain short with your take profit at 1.1632 and stop loss at 1.2183. IN case of a breakou below the line 1.1632, I expect the value of this pairt plummet towrads the supportive level 1.1172 or even further down to the lowest support matked at 1.07771.

Trade recommendation

Remain short with your take profit at 1.1632.

Imelda Maseno
Analyst of «FreshForex» company
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