Remain flat | 22 November 2021

22 November 2021, EUR/USD

Remain flat

Technical observation

For the past several days the value of the pair on the chart above has been trading with an increasing bearish bias. Recently, it penetrated below a supportive level 1.1380 then retraced to it with a big green candle but it did not break above it. As long as EUR remains below this zone, I expect a further rally to the lower side. My advice, remain neutral and wait for a second retracement to the level I have mentioned above then sell EUR at it after a bounce with your take profit at 1.0982 and stop loss at 1.1487. In case there is a clear breakout below the level 1.0982 with a big red candle, I expect a further momentum to the lower side.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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