Buy EUR within 1.1605-1.1571 | 20 August 2021

Technical observation

On the weekly chart above price is trading with an increasing bearish bias above the supportive zone 1.1605-1.1571 with an increasing bearish bias, I expect a continuation of this downwards movement to the zone I have mentioned above followed by a rejection within it for a momentum to the upper side. My advice, wait for a correction to the zone 1.1605-1.1571 and a buy a bounce within it with your take profit at 1.2248 and stop loss at 1.1371. In case there is a clear break above the level 1.2248 with a big a big green candle, I expect a further momentum to the upper side after a retracement to the just broken line and a bounce at it.

Trade recommendation

Buy EUR within 1.1605-1.1571 with your take profit at 1.2248.