03 March 2021, EUR/USD
Technical observation
On the 4 hour chart above, price broke above a zone 1.20570-1.4048 with a big green candle now, price right now, price is trading with an increasing bearish bias and I expect this downwards movement to continue to the supportive zone mentioned above followed by a bounce within it for a rally to the upper side. My advice, remain neutral and wait for a second retracement to the zone 1.20570-1.4048 and a bounce within it to buy EUR with your take profit at 1.2179 and stop loss at 1.2004. In case of a clear penetration above the level 1.2179 with a big green candle, wait for a correction to it before you continue long towards 1.2270.
Trade recommendation
Remain flat.
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