05 January 2022, EUR/USD
Technical observation
On the weekly chart above, price retraced to the resistance zone it established at 1.1413-1.1375 but could not break above it, EUR bounced within the zone and this week it has been trading with an increasing bearish bias. My expectation is a continuation of this bearish movement towards the supportive level 1.0698. If you picked short positions within the zone 1.1413-1.1375 after a bounce, remain short with your stop loss at 1.1643 and take profit at 1.0698. If this pair is not sustained below the zone mentioned above but instead clearly breaks above it with a big green candle, you can only anticipate bullish movements after a pullback to the broken zone and a bounce within it.
Trade recommendation
Remain short with your take profit at 1.0698 and stop loss at 1.1643.
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