We are bearish towards 1.0697 | 22 February 2022

Technical observation

Last week the value of the pair on the weekly chart above declined with a big red candle and this week I expect a continuation of this bearish movement towards the supportive level 1.0697. If you picked short positions within the resistance zone 1.1461-1.1429 after a bounce, remain in the trade with your take profit at 1.0697 and stop loss at 1.1694. In case of a clear break below the supportive level 1.0697 with a big red candle, I expect price to plummet further to the lower side, on the flip side should there be a clear break above the zone I have mentioned above with a big green candle I anticipate a momentum to the upper side after retracement to the broken zone.

Trade recommendation

Remain short with your take profit at 1.0697.