We are bearish | 07 April 2022

Technical observation

On the 4 hour chart above price declined below a zone 1.0942-1.0928 then retraced to it and it was sustained below the same zone. For the past two consecutive hours this pair has been trading with an increasing bearish bias and I expect a continuation of this downwards movement towards the supportive level 1.0806. If you sold EUR within the zone mentioned above after a bounce, remain short with your take profit at 1.0806 and stop-loss at 1.1003. In case of a breach below the level 1.0806 with a big red candle, further bearish movements of price can be anticipated. In can only recommend bullish positions above the zone 1.0942-1.0928.

Trade recommendation

Remain short with your take profit at 1.0806.