Wait for a correction to sell EUR | 19 November 2021

Technical observation

EUR broke below a supportive zone 1.1661-1.1625 with a big red candle then pulled back to it but could not break above it and as long as EUR is sustained below this zone I can only recommend short positions. This week price has declined steadily with a big red candle; however, I expect a loss of this bearish rally followed by a correction to the zone I have mentioned above. My advice, remain flat and wait for a correction to the zone 1.1661-1.1625 then sell EUR within it with your take profit at 1.1174 and stop loss at 1.1882. In case price hits this take profit and breaks below it with a big red candle, I expect further bearish movement towards the level 1.0633.

Trade recommendation

Wait for a correction to the zone 1.1661-1.1625 to sell EUR.