Wait | 05 April 2021

Technical observation

On the weekly chart above, price is rallying steadily towards the supportive zone it established at 1.1642-1.1588; I expect a loss of this bearish movement within the same zone for a momentum to the upper side. My advice, remain short temporarily and wait for a bounce within the zone 1.1642-1.1588 to long this pair with your take profit at 1.2252 and stop loss at 1.1409. In case of a clear break out below the zone mentioned above, wait for a retracement to it before you pick short positions. As long as price is contained above 1.1642-1.1588, I can only recommend long positions for the pair on the weekly chart above.

Trade recommendation

Remain flat temporarily.