Wait | 06 March 2023

Technical observation

EUR is retracing to the resistance zone 1.0779-1.0796 and today I expect a continuation of this upwards movement to the same zone followed by a rejection of price within it. My advice, remain flat and wait for a pullback to the zone I have indicated above then sell a bounce within it with your take profit at 1.0461 and stop-loss at 1.0876. If there is a clear break below the level 1.0461 with a big red candle, I expect the value of EUR to decline towards the supportive levels 1.00941 and 0.9540, on the other hand should there be a clear break above the 1.0779-1.0796, I expect the price to ascend slightly towards the level 1.1032.

Trade recommendation

Remain neutral.