13 August 2021, EUR/USD
Technical observation
On the weekly chart above price declined to the supportive zone it established at 1.1754-1.1715 but did not break below it as anticipated, as long as price is contained above this zone I expect a momentum to the upper side to the resistance level 1.2257. My advice, wait for a bounce within the zone 1.1754-1.1715 to buy EUR with your take profit at 1.2257 and stop loss at 1.1498. In case of a clear break above the level 1.2257 with a big green candle, I expect a further rally to the upper side after a retracement to the broken line, however should there be a clear breakout below the zone 1.1754-1.1715, expect a surge to the lower side to the supportive level 1.0697.
Trade recommendation
Buy a bounce within the zone 1.1754-1.1715 with your take profit at 1.2257.
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