We're flat | 11 August 2021

Technical observation

On the weekly chart above, price retraced to the supportive zone it established at 1.1754-1.1715 but did not penetrate below it and it is currently trading within the same zone with an increasing bearish bias. In case of a clear breakout below the zone with a big red candle, I expect a correction to the just broken zone followed by a bounce within it to short EUR towards the supportive level 1.0697, however, if price is contained above the zone I have mentioned above, buy a bounce within it with your take profit at 1.2275 and stop loss at 1.1498. Right now as it is on the chart above, remaining neutral is ideal than picking any positions.

Trade recommendation

Remain flat.