We're flat | 16 March 2021
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.
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.
