We're flat | 09 March 2021

Technical observation

On the chart above, price declined and penetrated below a key level it established at 1.1962. Right now it is trading with an increasing bullish bias. I expect a loss of this upwards movement at the line mentioned above for a possible momentum to the lower side. My advice, remain neutral and wait for a correction to key line 1.1962 and a bounce at to sell EUR with your take profit at 1.1625 and stop loss at 1.2114. In case of a clear breakout below the line 1.1625 with a big red candle, you can anticipate a further surge to the lower side towards the supportive zone 1.1174-1.1144, or even lower to the key line 1.0775.

Trade recommendation

Remain neutral.