Wait | 11 February 2022

Technical observation

This week EUR has been retracing to the zone 1.1413-1.1375 it had previously risen above and I expect a loss of this bearish rally within the same followed by a surge towards the resistance level 1.1881, however, I would advise that you wait for a second retracement to the same zone then pick long positions within it after a bounce. If this pair is not sustained above 1.1413-1.1375 but clearly breaks below it with a big red candle, you can expect price to plummet towards the supportive level 1.0697 after a correction to the broken zone. On the other hand in case of a clear break above the level 1.1881, I expect a rally towards 1.2457.

Trade recommendation

Remain flat.