we are short towards 1.1632. | 25 March 2021

Technical observation

Since it retraced to the resistance zone 1.2011-1.1965 and bounced within it, EUR has been trading with an increasing bearish momentum. I expect this bearish movement to continue to the supportive level 1.1632 followed by either a clear breakout above it with a big red candle, or a bounce at it followed by a correction to the zone mentioned above. If you sold this pair within the zone 1.2011-1.1985 after a bounce, remain short with your take profit at 1.1632 and stop loss at 1.2163. Should there be a break below the line 1.1632 with a big red candle, wait for a pullback to it and a bounce before you continue short towards 1.1172.

Trade recommendation

Remain short with your take profit at 1.1632.