Flat | 23 March 2021

Technical observation

On the hourly chart above, price is trading with an increasing bearish bias; my expectation is either a decline to the supportive zone 1.1879-1.1876 followed by a bounce at it, or a rise to the resistance zone 1.1989-1.1984. In case of a decline to the zone 1.1879-1.1876, buy EUR within it with your take profit at 1.1984 and stop loss at 1.1837. Should price rise to the zone 1.1989-1.1984, wait for a clear breakout above it with a big green candle followed by a correction to it to buy EUR. In case of a breakout below the zone 1.1879-1.1876 with a big red candle, I expect the value of this pair to plummet to the lower side.

Trade recommendation

Remain flat.