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Wait | 29 September 2021

29 September 2021, EUR/USD

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Technical observation

The pair on the weekly chart above has been declining steadily for several weeks and it is still showing of declining even further. At the moment, my expectation is a possible clear breakout below the supportive zone 1.1665-1.1625 with a big red candle there is still a possibility of a loss of this bearish movement above the same zone. On the weekly chart above, if price is contained above the supportive zone 1.1665-1.1625, I expect a surge to the upper side, however, in case of a clear breakout below the same zone with a big red candle, I expected value of this pair to plummet to the supportive level 1.0826 after a retracement to the broken zone and a bounce within it.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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