Remain flat | 28 March 2022

Technical observation

On Friday the value of the pair on the daily chart above above declined as I had anticipated and today I expect a further momentum to the lower side; the expected bearish movement is a correction to the supportive zone 118.75-118.57. As it is on the daily chart above I would advise that you remain flat and wait for a retracement to the zone I have mentioned above to pick long positions with your take profit at 122.42 and stop-loss at 117.28. If price clearly breaks below the same zone with a big red candle, I expect possible surge to the lower to the supportive zone 113.43-113.22 or even lower to the level 109.05.

Trade recommendation

Remain flat.