we are long towards 1.1239 | 27 October 2021

Technical observation

This week I anticipated a surge in price to the upper side, however this weeks candle has been trading with an increasing bearish bias since the beginning of the week and there is a possibility of a further surge to the lower side. If you are currently neutral with this pair, remain flat and wait for a loss of this bearish rally within the supportive zone 1.1520-1.1469 to buy EUR with your take profit at 1.2248 and stop loss at 1.1239. In case you already picked long positions within the zone and you’re currently holding a long position, remain in the trade with your take profit at 1.1239. As long as price is contained above the zone 1.1520-1.1469, I can only recommend bullish positions for this pair.

Trade recommendation

Remain long with your take profit at 1.1239.