Wait | 19 August 2021

Technical Observation

On the line to chart above price is trading with an increasing bearish bias above the supportive level 1.1626. I expect a decline to the line I have mentioned above followed either a bounce at it for another correction to the resistance zone 1.1986-1.1963 or a clear breakout below the supportive 1.1626 for a further momentum to the lower side. My advice, remain flat and wait for a correction to the zone 1.1986-1.1963 to sell EUR with your take profit at 1.1626 and stop loss at 1.2087. In case of a clear breakout below the level 1.1626 with a big red candle, I anticipate a surge to the supportive level 1.1336 or even lower to 1.0986.

Trade recommendation

Remain flat.