Remain flat | 12 November 2021

Technical observation

This week EUR went down and even broke below a supportive zone 1.1511-1.1469 with a big red candle. I still expect further bearish movements of this pair however despite the anticipated downwards movement, price is bound to retrace to the zone mentioned above followed by a rejection it. My advice, wait for a correction to the zone 1.1511-1.1469 and pick short positions within it after a bounce with your take profit at 1.0813 and stop loss at 1.1724. In case of a clear breakout below the level 1.0813 with a big red candle, I expect price to plummet further to the lower side. As long as EUR stays below the zone 1.1511-1.1469, I can only recommend short positions.

Trade recommendation

Remain neutral.