Wait | 03 March 2021
03 March 2021, EUR/USD
Technical observation
On the 4 hour chart above, price broke above a zone 1.20570-1.4048 with a big green candle now, price right now, price is trading with an increasing bearish bias and I expect this downwards movement to continue to the supportive zone mentioned above followed by a bounce within it for a rally to the upper side. My advice, remain neutral and wait for a second retracement to the zone 1.20570-1.4048 and a bounce within it to buy EUR with your take profit at 1.2179 and stop loss at 1.2004. In case of a clear penetration above the level 1.2179 with a big green candle, wait for a correction to it before you continue long towards 1.2270.
Trade recommendation
Remain flat.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
