29 March 2023, EUR/USD
Technical observation
On the hourly chart above, the price is trading with an increasing bearish bias above the supportive zone 1.0757-1.0749 and I expect a continuation of this downwards movement to the same zone followed by a rejection within it. My advice, remain flat and wait for a correction to the zone indicated above then buy a bounce within it with your take profit at 1.0929 and stop-loss at 1.0706. If price clearly breaks above the level 1.0929 with a big green candle, I expect it to ascend further towards 1.1030; on the other hand, in case of a clear break below the zone 1.0757-1.0749, I anticipate bearish movements towards 1.0534.
Trade recommendation
Wait for a correction to the zone 1.0757-1.0749 to buy EUR.
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