We're bullish towards 1.2248 | 27 August 2021

Technical observation

Since the beginning of this week, EUR has been trading with an increasing bullish bias and I expect this week’s candle to close bullish. If you bought this pair at the supportive zone 1.1605-1.1571, remain in the trade with your take profit at 1.2248 and stop loss at 1.1388. In case of a clear breakout above the resistance level 1.2248 with a big green candle, I expect a further rally to the upper side after a correction to the broken line, on the flip side, if price penetrates below the supportive zone 1.1605-1.1571 with a big red candle, I anticipate a surge to the lower supportive level 1.0826 after a pullback to the broken zone.

Trade recommendation

Remain long with your take profit at 1.2248.