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Wait | 07 December 2021

07 December 2021, EUR/USD

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Technical observation

EUR is trading with an increasing bearish bias between the supportive level 1.1193 and a resistance zone 1.1382-1.1372; I expect a continuation of this downwards movement to the level 1.1193 followed by a bounce at it and a retracement to the zone mentioned above. If you are currently short with this pair, remain in the trade with your stop loss at 1.1436 and pick your profits at 1.1193. I case of a clear breakout above the zone 1.1382-1.1372 with a big green candle, I anticipate a possible momentum to the upper side after a pullback to the broken zone and a rejection within it. Further bearish movements can be expected below the level 1.1193.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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