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Remain flat

Remain flat | 11 Oktober 2021

11 Oktober 2021, EUR/USD

Remain flat

Technical observation

On the weekly chart above price is trading below a resistance zone 1.1665-1.1626 with an increasing bullish bias, this upwards movement is a retracement to the just broken zone and I expect a rejection within it for a surge to the lower side, however, there is still a possibility of the current candle moving downwards. My advice, wait for a correction to the zone 1.1665-1.1626 and sell a bounce within it with your take profit at 1.0826 and stop loss at 1.1882. In case EUR is not contained below the zone 1.1665-1.1626 and instead it breaks above it with a big green candle, I expect a possible rally to the upper side after a correction to the broken zone.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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