Wait | 17 September 2021

Technical observation

On the weekly chart above price is still trading with increasing bearish bias above a supportive zone 1.1665-1.1626, I expect this weeks candle to close bearish above the same zone, you can still anticipate a further rally to the zone I have mentioned above followed by either a rejection within it or a clear break below it with a big red candle. In case of a clear penetration below the zone with a big red candle I expect price to plummet to the supportive level 1.0826 after a retracement to the broken zone, however while this zone remains intact, I expect a momentum to the upper side towards the resistance level 1.2248.

Trade recommendation

Remain flat.