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We are bearish towards 1.0844

We are bearish towards 1.0844 | 10 March 2022

10 March 2022, EUR/USD

We are bearish towards 1.0844

Technical observation

Yesterday price rose steadily up to the resistance 1.1091-1.1079 but could not break above it, instead it bounced within the zone and the previous candle declined with a big red candle, as long as price is sustained below the zone I have mentioned above I expect a continuation of this bearish movement to the supportive level 1.0844. If you picked short positions within the zone 1.1091-1.1079, remain in the trade with your take profit at 1.0844 and stop-loss at 1.1154. In case of a clear breakout above 1.1091-1.1079 with a big green candle, I expect price to ascend further towards the upper resistance level 1.1225 or even higher to 1.1390.

Trade recommendation

Remain short with your take profit at 1.0844.

Imelda Maseno
Analyst of «FreshForex» company
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