We're neutral | 24 March 2021

Technical observation

EUR is trading with an increasing bearish bias between a supportive zone 1.1642-1.1588 and a resistance line 1.2252. I expect this bearish movement to continue to the supportive zone mentioned above followed by a bounce within it to pick long positions. My advice, remain flat and wait for a correction to the zone 1.1642-1.1588 to buy EUR with your take profit at 1.2252 and stop loss at 1.1305. In case of a clear breakout above the line 1.2252 with a big green candle, I anticipate a further momentum to the upper side after a correction to the just broken line. I can only recommend short position a below 1.1642-1.1588.

Trade recommendation

Remain flat.