08 March 2022, EUR/USD
Technical observation
On the daily chart above price declined with a big red candle breaking below the supportive level it established at 1.1120. Below this zone it descended further and currently it is trading slightly above the supportive level 1.0768. If this pair is sustained above the level 1.0768, there is a possibility of a retracement to the key level 1.1120. If this is the case, remain flat and sell EUR at 1.1120 and stop loss at 1.1269. On the other hand, in case of a clear breakout below the supportive level 1.0768 with a big red candle, I anticipate price to plunge further towards 1.0600. On the chart above I can only recommend bearish positions.
Trade recommendation
Remain neutral.
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