we are flat | 03 December 2021

Technical observation

On the weekly chart above, price went down below a supportive zone 1.3355-1.3412 with a big red candle, I expect this week’s candle to rally further downwards and close bearish. My advice, remain neutral with this pair and wait for a correction to the zone I have mentioned above then pick short positions within it with your take profit at 1.2072 and stop loss at 1.3691. On the weekly chart above as long as price is sustained below the resistance zone 1.3355-1.3412, I can only recommend bearish positions for this pair, a further surge to the lower side can be expected should price break below the supportive zone 1.2072-1.2014.

Trade recommendation

Remain flat.