We are bullish towards 1.2248. | 25 October 2021

Technical observation

On the weekly chart above, price retraced to a supportive zone it established at 1.1520-1.1469 but could not break below it, instead it was sustained above this zone and as long as it remains above the same zone, I anticipate nothing but a rally to the upper side. If you picked long positions within the zone I have mentioned above after a bounce, remain long with your take profit at 1.2248 and stop loss at 1.1166. However In case of a clear breakout below the zone 1.1520-1.1469 with a big red candle, I expect a surge to the lower side after a correction to the broken zone and a bounce within it confirming bearish movements of price.

Trade recommendation

Remain long with your take profit at 1.2248.