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We're neutral

We're neutral | 18 March 2021

18 March 2021, EUR/USD

We're neutral

Technical observation

EUR penetrated above a key level 1.1913 with a big green candle then rose up to the resistance zone 1.1990-1.1985, price did not break above the zone but bounced within it and is currently trading with an increasing bearish bias, I expect this bearish movement to continue to the key line 1.1913 followed by a bounce at it to pick long position. My advice, remain flat and wait for a correction to the line 1.1913 and a rejection at it to buy EUR with your take profit at 1.1985 and stop loss at 1.2022. In case of a break above the line 1.1985 with a big green candle, I expect the price to plummet to the upper side towards 1.2073.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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