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we are flat

we are flat | 01 November 2021

01 November 2021, EUR/USD

we are flat

Technical observation

The pair on the weekly chart above declined and broke below a supportive zone 1.1648-1.1605 with a big red candle, it then retraced to the just broken zone and it was sustained below it, right now price is trading with an increasing bearish bias but despite this bearish movement I expect another correction to the zone mentioned above and a rejection within it to sell EUR with my take profit at 1.0826 and stop loss at 1.1878. On the weekly chart above as long and price is contained below the zone 1.1648-1.1605, I can only recommend bearish position for this pair, however in case of a clear break above the zone 1.1648-1.1605, I expect a rally to the upper side.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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