Remain flat | 16 November 2021

Technical observation

EUR declined steadily to the supportive level 1.1357 and is currently trading with an increasing bearish bias above the same line. My expectation is either a loss of this downwards movement followed by a correction to the resistance zone 1.1650-1.1635, or a clear breakout below the level with a big red candle. If you sold this pair within the zone I have mentioned above after a bounce, you can pick your profits now at the level 1.1357. In case price breaks below the level 1.1357, wait for a second retracement to the broken line before you continue short with this pair. I can only recommend bullish positions above the level 1.1650-1.1635.

Trade recommendation

Remain neutral.