Expecting a rally to the level 1.1193 | 14 December 2021

Technical observation

EUR is trading with an increasing bearish bias between the supportive level 1.1193 and a resistance zone 1.1373-1.1364, my expectation is a further decline to the level 1.1193 followed by either a clear breakout below it with a big red candle, or a bounce at it followed by another correction to the zone mentioned above. If you are currently short with this pair, remain in the trade with your take profit at 1.1193 and stop loss at 1.1438, however, if you are currently flat with this pair, remain so and wait for another correction to the zone 1.1373-1.1364 or a break below the level 1.1193 to sell EUR. I can only recommend bullish positions above the zone 1.1373-1.1364.

Trade recommendation

Remain short with your take profit at 1.1193.