We're flat | 16 August 2021
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.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
