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Remain short

Remain short | 11 March 2022

11 March 2022, EUR/USD

Remain short

Technical observation

Yesterday price declined as I had predicted and as long as it remains below the zone 1.1091-1.1079 I expect it to decline further towards the supportive level 1.0844. If you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.0844 and stop loss at 1.1161. In case of a penetration below the level 1.0844 with a big red candle, I expect price to decline further after a correction to the broken line and a bounce at it. However, in case of a break above the zone 1.1091-1.1079 with a big green candle, I expect price to surge towards the resistance level 1.1225 after a pullback to the broken zone.

Trade recommendation

Remain short with your take profit at 1.0844.

Imelda Maseno
Analyst of «FreshForex» company
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