01 Marzo 2022, EUR/USD
Technical observation
On the weekly chart above, price opened bullish and since yesterday it has been trading with an increasing bullish bias. This upwards movement is a correction to the resistance zone 1.1461-1.1429 and this week price could rise to it. If EUR ascends to the zone I have mentioned above, I expect a rejection of it within the zone to pick short positions with my 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 price to plummet further after a retracement to the broken line. On the other hand, should there be a clear break above the zone 1.1461-1.1429; bullish movements can be anticipated after a pullback to the broken zone.
Trade recommendation
Remain flat.
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