Remain short | 30 March 2022

Technical observation

On the 4 hour chart above price rose up to the resistance zone it established at 1.1128-1.1114 but could not break above it, instead it bounced below the zone and the last candle declined with a big red candle. As long as price is contained below the zone I have mentioned above, I expect further momentum to the supportive level 1.0942. If you picked short positions within the zone 1.1128-1.1114, remain in the trade with your take profit at 1.0942 and stop-loss at 1.1197. If the price breaks below the supportive level 1.0942 with a big red candle, you can anticipate a further surge to the lower side. I can only recommend bullish positions in case of a breakout above the zone 1.1128-1.1114.

Trade recommendation

Remain short with your take profit at 1.0942.