08 October 2021, EUR/USD
Technical observation
This week EUR has continued to trade with an increasing bearish bias below the resistance zone 1.1665-1.1626 it recently penetrated below. Despite this bearish movement I expect a correction to the just broken zone followed by a rejection within it to pick short positions with my take profit at 1.0826 and stop loss at 1.1912. In case price is not contained below the zone 1.1665-1.1626 and instead it clearly breaks above it with a big green is candle, then the break below the zone last week was a false breakout and you can expect a possibility of a momentum tot the upper side. On the other hand as long as price is contained below the same zone, I expect a surge to the lower side.
Trade recommendation
Wait for a correction to the zone 1.1665-1.1626 to sell EUR.
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