Expecting a momentum towards 1.1377 | 01 December 2021

Technical observation

Yesterday price rose to the resistance zone it established at 1.1382-1.1377 but it could not break above it, it then tumbled sharply up to supportive zone 1.1264-1.1259 and similarly to the zone I have mentioned above price did not break below the supportive zone, it bounced at it and it is currently trading with an increasing bullish bias. If you bought this pair within the zone 1.1264-1.1259 after a bounce, remain long with your take profit at 1.1377 and stop loss at 1.1234. In the even that there is clear penetration above the resistance zone 1.1383-1.1377 with a big green candle, I anticipate further bullish movements of price towards the upper key level 1.1485.

Trade recommendation

Remain long with your take profit at 1.1377.