We're flat | 08 March 2021

Technical observation

On the 4 hour chart above price declined and penetrated below the line 1.1927, it then pulled back to it and bounced at the same line. Right now price is trading with an increasing bearish bias and i expect this downwards movement to continue to the supportive line 1.1797. My advice, remain flat and wait for another correction to the line 1.1727 and a bounce at it to sell EUR with your take profit at 1.1797 and stop loss at 1.1966. In case of a break below the line 1.1727 with a big red candle, I expect a further bearish momentum to the lower side. On the chart above I can only recommend bullish positions above the line zone 1.2057-1.2048.

Trade recommendation

Remain neutral.