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We're flat

We're flat | 23 August 2021

23 August 2021, EUR/USD

Technical observation

On the weekly chart above EUR is retracing to a supportive zone it established at 1.1605-1.1571 and I expect a rejection of this bearish movement within the same zone for a momentum to the upper side. My advice, remain neutral temporarily with this pair and buy a bounce within the supportive zone 1.1605-1.1571 with your take profit at 1.2248 and stop loss at 1.1383. In case price is not sustained above the zone 1.1605-1.1571 and instead it clearly penetrates below it with a big red candle, I expect a possible surge to the lower side after a retracement to the just broken zone. Right now I can only recommend bullish positions.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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