we are flat temporarily | 21 December 2021

Technical observation

On the weekly chart above, price is trading with an increasing bullish bias below the resistance zone 1.1511-1.1469, I expect a continuation of this upwards movement to the same zone followed by a rejection within it and a surge to the lower side. My advice, remain flat temporarily and wait for a retracement to the zone 1.1511-1.1469 then sell a bounce within it with your take profit at 1.0813 and stop loss at 1.1754, In case of a clear breakout below the key level 1.0813 with a big red candle, I expect the value of this pair to plummet further towards 1.0440. I can only recommend bullish positions above the zone 1.1511-1.1469.

Trade recommendation

Remain flat temporarily.