We are neutral | 24 March 2022

Technical observation

On the 4 hour chart above, price is trading with an increasing bullish bias between the supportive level 1.0844 and a resistance zone 1.1091-1.1079. If price ascends to the zone I have mentioned above, sell a bounce within it with your take profit at 1.0844 and stop loss at 1.1162, and in case of a break below the level 1.0844 with a big red candle, I expect further bearish movements of price towards 1.0785. However, in case of a clear break above the zone 1.1091-1.1079 with a big green candle, my expectation is a possible surge in price to the upper side after a correction to the broken zone followed by a rejection within it.

Trade recommendation

Remain neutral.