Expecting a rally to 1.1120 | 24 February 2022

Technical observation

Yesterday the value of the pair above declined with a big red candle as I had anticipated and today I expect a continuation of this bearish movement towards the supportive level 1.1120. If you picked short positions within the resistance zone 1.1483-1.1461 after a bounce, remain in the trade with your take profit at 1.1120 and stop-loss at 1.1594. Should the price break below level 1.1120 with a big red candle, I expect it to descend further towards 1.0768; however, in case of a bounce at the level, I anticipate a correction to the zone mentioned above to re-sell EUR. I can only recommend bullish positions in case of a clear break above the zone 1.1483-1.1461.

Trade recommendation

Remain short with your take profit at 1.1120.