Remain neutral | 29 November 2021

Technical observation

Last week EUR rose for some time and closed as a bullish pin bar, this week I expect a further momentum to the upper side to the resistance zone 1.1511-1.1469 followed by a rejection within and a rally to the lower side, however, I would advise that you wait for a second retracement to the same zone and a rejection within it before picking short positions with your take profit at 1.0813 and stop loss at 1.1720. In case there is a clear breakout below the level 1.0813 with a big red candle, I expect a further surge to the lower side. On the weekly chart above, as long as price is sustained below the zone 1.1511-1.1469 I can only recommend short positions.

Trade recommendation

Remain neutral.