We are flat | 17 March 2022

Technical observation

In the beginning of the week I anticipated a possible surge in price to the supportive level 1.0697, however, since the start of the week price has been trading with an increasing bullish bias and I expect this week’s candle to close bullish. If you are currently neutral with the pair above, remain flat and wait for a correction to the resistance zone 1.1461-1.1429 to sell EUR with your take profit at 1.0697 and stop-loss at 1.1731. In case of a clear breakout below the level 1.0697 with a big red candle, I expect a possible further surge in price towards 1.0332. I can only recommend bullish positions in case of a break above the zone 1.1461-1.1429.

Trade recommendation

Remain flat.