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Wait | 12 August 2021

12 August 2021, EUR/USD

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Technical observation

EUR declined to the supportive level 1.1712 but did not break below it; instead it bounced at the line and is currently trading with an increasing bullish bias. This bullish movement is a correction to the resistance zone 1.1883-1.1874 and I expect a rejection within it to short this pair with my take profit at 1.1712 and stop loss at 1.1931. I case price does not bounce within the zone and instead penetrates above it with a big green candle; I expect bullish momentum to the resistance level 1.2000 after a correction to the broken zone. On the chart above as long as price is contained below the zone 1.1883-1.1874, I can only recommend bullish positions.

Trade recommendation

Wait for a correction to the zone 1.1883-1.1874 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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