16 August 2021, EUR/USD
Technical observation
On the weekly chart above price is trading with an increasing bearish bias above a supportive zone 1.1605-1.1571, I expect a continuation of this bearish movement to the zone I have mentioned above followed by a rejection within it for a surge to the upper side. My advice, remain flat temporarily and wait for a pullback to the zone 1.1605-1.1571 to buy EUR with your take profit at 1.2248 and stop loss at 1.1396. In case of a clear breakout above the line 1.2248 with a big green candle, continue long with this pair after a retracement to the broken line. I can only recommend short positions in case of a clear break below the zone 1.1605-1.1571.
Technical observation
We’re flat temporarily.
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