Wait | 10 December 2021

Technical observation

On the weekly chart above, price has been trading with an increasing bearish bias below the resistance zone 1.1511-1.1469; however, despite this bearish movement I expect momentum to the zone I have mentioned above and a bounce within it followed by a surge to the lower side. My advice, remain flat and wait for a retracement to the zone 1.1511-1.1469 then short this pair within it with your take profit at 1.0813 and stop loss at 1.1724. If price hit the level 1.0813 and there is a clear breakout below it with a big red candle, a further surge towards 1.0340 can be anticipated after a correction to the broken line.

Trade recommendation

Remain flat.