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Expecting a surge to 1.0697

Expecting a surge to 1.0697 | 04 March 2022

04 March 2022, EUR/USD

Expecting a surge to 1.0697

Technical observation

On the weekly chart above price has been trading with an increasing bearish bias as I had anticipated and I expect this week’s candle to continue downwards and close bearish. In case you are currently holding bearish positions with the pair on the weekly chart above, I would advise that you remain short with your take profit at 1.0697 and stop loss at 1.1694. In case of a clear breakout below the supportive level 1.0697 with a big red candle I expect a price to descend further after a correction to the broken line. As long as the value of the pair above is contained below the zone 1.1461-1.1429 I can only recommend bearish positions.

Trade recommendation

Remain short with your take profit at 1.0697.

Imelda Maseno
Analyst of «FreshForex» company
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