21 February 2022, EUR/USD
Technical observation
On the 4 hour chart above price retraced to the resistance level 1.1382 but could not break above it, instead it bounced at the line and since then it has been trading with an increasing bearish bias and I expect a continuation of this downwards movement to the supportive zone 1.1283-1.1277. At this level price could either break below it with a big red candle or bounce at it followed by another correction to the level 1.1382. If you are currently holding short positions with this pair, remain in the trade with your take profit at 1.1283 and stop loss at 1.1426. In case of a clear penetration below the zone 1.1283-1.1277, I expect a further surge towards 1.1130.
Trade recommendation
Remain short with your take profit at 1.1283.
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