We're flat | 13 September 2021

Technical observation

Last week EUR went down with a big red candle and is still showing signs of more bearish moments this week. The anticipated movement to the lower side is a correction to the supportive zone 1.1750-1.1703 and I expect a rejection within it to re-buy EUR with my take profit at 1.2248 and stop loss at 1.1494. As long as price is contained above the zone 1.1750-1.1703, i can only recommend bullish positions for this pair, however, in case there is a clear breakout below the same zone with a big red candle I expect a retracement to the just broken line followed by a bounce within it to pick short positions with my take profit at 1.0826.

Trade recommendation

Remain flat.