Remain flat | 22 November 2021

Technical observation

For the past several days the value of the pair on the chart above has been trading with an increasing bearish bias. Recently, it penetrated below a supportive level 1.1380 then retraced to it with a big green candle but it did not break above it. As long as EUR remains below this zone, I expect a further rally to the lower side. My advice, remain neutral and wait for a second retracement to the level I have mentioned above then sell EUR at it after a bounce with your take profit at 1.0982 and stop loss at 1.1487. In case there is a clear breakout below the level 1.0982 with a big red candle, I expect a further momentum to the lower side.

Trade recommendation

Remain neutral.