16 March 2021, EUR/USD
Technical observation
On the weekly chart above, price is trading with an increasing bearish bias. This bearish movement is a correction to the supportive zone this pair established at 1.1642-1.1603, I expect a loss of this downward rally within the zone mentioned above for a possible increase towards the level 1.2252. My advice, remain neutral and wait for a correction to the zone 1.1642-1.1603 to buy EUR with your take profit at 1.2252 and stop loss at 1.1422. In case of a clear penetration above the line 1.2252 with a big green candle, wait for a correction to it and a bounce confirming further upwards movement of price before you continue long.
Trade recommendation
Remain neutral.
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