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Wait | 13 October 2021

13 October 2021, EUR/USD

Technical observation

EUR is still trading with an increasing bearish bias below the zone 1.1665-1.1626, I expect a continuation of this downwards movement this week followed by a retracement to the broken zone and a bounce within it for a rally to the lower side. My advice, remain neutral and wait for a correction to the zone 1.1665-1.1626 and a bounce within it to short EUR with your take profit at 1.0826 and stop loss at 1.1878. As long as the value of this pair is contained below the zone 1.1665-1.1626, you can only anticipate a rally to the lower side; however, if price penetrates above the same zone, I expect possible bullish movements towards 1.2248.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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