we are bearish towards 1.1927 | 05 March 2021

Technical observation

EUR is trading with an increasing bearish bias towards a supportive level it established at 1.1927. It is currently trading with an increasing bearish bias above the line and I expect a decline to it followed by either a clear breakout below it with a big red candle, or a rejection at it followed by another correction to the resistance zone 1.2057-1.12048. My advice, if you’re currently short with this pair, remain in the trade with your take profit 1.1927 and stop loss at 1.2101. In case of a bounce at 1.1927, wait or another pullback to 1.2057-1.12048 to sell EUR. Should there be a break below 1.1927, wait for a correction to it before you sell EUR.

Trade recommendation

Remain short with your take profit at 1.1927.