Remain neutral temporarily. | 21 March 2023

Technical observation

On the daily chart above the price is trading with an increasing bullish bias slightly below the resistance zone 1.0822-1.0780 and I expect a continuation of this upwards movement to the same zone followed by a rejection within it. My advice, remain flat temporarily and wait for a pull back to the zone I have mentioned above then sell a bounce within it with your take profit at 1.0077 and stop-loss at 1.1063. In case of a penetration below the level 1.0077 with a big red candle, I expect the value of this pair to plummet further towards the supportive level 0.9532 or lower after a correction and a rejection at the broken line.

Trade recommendation

Remain neutral temporarily.