26 October 2021, EUR/USD
Technical observation
On The daily chart above, price broke below a supportive zone it established at 1.1619-1.1603 but it could not be contained below the zone, it the rose and penetrated above the same zone with a big green candle and is currently trading within it with an increasing bearish bias. My expectation is a loss of this bearish movement within the zone followed by a surge to the resistance level 1.1879. My advice, pick long positions within the zone mentioned above after a bounce with your take profit at 1.1879 and stop loss at 1.1524. As long as price is contained above the zone 1.1619-1.1603, I can only recommend bullish positions for this pair.
Trade recommendation
Buy EUR within 1.1619-1.1603 with your take profit at 1.1879.
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