Remain flat temporarily. | 08 March 2023

Technical observation

On the chart above, yesterday price declined with a big red candle and today I expect a continuation of this bearish movement towards the supportive zone 1.0410-1.0372,at this zone I expect either a clear break below it with a big red candle or a rejection of price within it. My advice, remain neutral and wait for a pullback to the zone indicated above then buy a bounce within it with your take profit at 1.1123 and stop-loss at 1.0120. If there is a clear break above the level 1.1123 with a big red candle, I expect the value of this pair to ascend towards the key level 1.1679 or even higher to 1.2353. I can only recommend short positions below the zone 1.0410-1.0372.

Trade recommendation

Remain flat temporarily.