we are long towards 1.1625 | 21 October 2021

Technical observation

On the hourly chart above, price is trading with an increasing bullish bias below a resistance level it established at 1.1665 and i expect a continuation of this upwards movement to the level I have mentioned above followed by either a clear breakout above it with a big green candle, or a rejection at it followed by another correction to the supportive level 1.1622. If you are currently long with this pair, remain in the trade with your take profit at 1.1665 and stop loss at 1.1608. On the hourly chart above I can only recommend short positions below the supportive level 1.1622. I anticipate further bullish movements in case of a break above the level 1.1625.

Trade recommendation

Remain long with your take profit at 1.1625.