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Wait | 16 March 2022

16 March 2022, EUR/USD

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Technical observation

On the chart above price is trading with an increasing bullish momentum between the supportive level 1.0768 and the resistance level 1.1120, this upwards movement is a correction to level 1.1120 and I expect a rally to it followed by a bounce to pick short positions with my take profit at 1.0768 and stop-loss at 1.1284. In case of a clear breakout above the level 1.1120, I expect a correction to the zone 1.1482-1.1461 and a rejection within it to sell EUR towards level 1.1120. On the daily chart above I can only recommend bullish positions in case of a clear breakout above the zone 1.1482-1.1461. Right now I would advise that you remain neutral.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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