We are short towards 1.0697 | 31 January 2022

Technical observation

Following the rejection within the supportive zone 1.1413-1.1375, the pair on the weekly chart above has been trading with an increasing bearish bias and I expect a continuation of this downwards movement to the supportive level 1.0697. If you picked short positions within the zone I have mentioned above after a bounce, remain short with your take profit at 1.0697 and stop loss at 1.1613. At the supportive level 1.0697, I expect either a clear breakout below it with a big green candle, or a bounce at it followed by another correction to the zone 1.1413-1.1375. On the weekly chart above I can only recommend long positions above the zone 1.1413-1.1375.

Trade recommendation

Remain short with your take profit at 1.0697.