03 Marzo 2022, EUR/USD
Technical observation
On the hourly chart above, price pulled back to a resistance level it established at 1.1133 but it could not break above it. Instead, it bounced at the same line and for some time now the value of this pair has been trading with an increasing bearish bias. As Long as price is sustained below the key level 1.1133, I expect a surge towards the supportive level 1.1058 followed by either a clear breakout below it with a big red candle, or a bounce at it followed by another retracement to the resistance level 1.1133. If you are currently holding short positions with the pair above remain in the trade with your take profit at 1.1058 and stop-loss at 1.1169.
Trade recommendation
Remain short with your take profit at 1.1058.
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