We are bearish | 15 March 2022

Technical observation

On the weekly chart above price has been trading with an increasing bearish bias since it bounced within the resistance zone 1.1461-1.1429. I expect a continuation of this bearish movement to the supportive level 1.0697 followed by either a clear breakout blow it with a big red candle, or a bounce at it followed by a retracement to the zone I have mentioned above. If you picked short positions within the zone 1.1461-1.1429 after a bounce, remain in the trade with your take profit at 1.0697 and stop loss at 1.1692. I can only recommend bullish positions in case of a breakout above the resistance zone 1.1461-1.1429.

Trade recommendation

Remain short with your take profit at 1.0697.