06 October 2021, EUR/USD
Technical observation
On the daily chart above, price declined and penetrated below a supportive level 1.1624 with a big red candle and as long as it is below this level, you can only anticipate a momentum to the lower side. Price retraced to the just broken level but did not break above it; it was sustained below the line and is currently trading with an increasing bearish bias. I expect a continuation of this bearish movement to the supportive level 1.1177 followed by either a clear break below it with a big red candle, or a bounce at it followed by another pullback to the level 1.1624. My advice, wait for a second retracement to the level 1.162 to sell EUR with your take profit at 1.1177 and stop loss at 1.2013.
Trade recommendation
Wait for a second retracement to the level 1.162 to sell EUR with your take profit at 1.1177.
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