We're flat | 03 September 2021

Technical observation

EUR rose up to the resistance level 1.1883-1874 but could not break above it and now i expect a correction to the supportive 1.1765 followed by a rejection below it. My expectation is a retracement to the supportive level 1.1765 followed by a by a bounce at it for a rally to the upper side. My advice, remain flat and wait for a correction to the level I have mentioned above followed by a rejection at it to buy EUR with your take profit at 1.1874 and stop loss at 1.1733. In case price does not pullback to the level 1.1765 and instead breaks above the zone 1.1883-1.874 with a big green candle, I anticipate an escalation towards the level 1.2000.

Trade recommendation

Remain neutral.