17 November 2021, EUR/USD
Technical observation
On the weekly chart above, price went down and broke below a supportive zone 1.1511-1.1469 with a big red candle as I had anticipated; it is still trading with an increasing bearish bias below the same zone, and despite this bearish rally I anticipate a slight movement to the upper side. The expected bullish movement is a retracement to the just broken zone and my expectation is a rejection of it within the same zone followed by a surge to the lower side. Right now I would advise that you remain flat and wait for a second retracement to the zone 1.1511-1.1469 then pick short positions within it after a bounce with your take profit at 1.0813 and stop loss at 1.1758.
Trade recommendation
Wait for a second retracement to the zone 1.1511-1.1469 to sell EUR.
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