We're flat | 04 Juni 2019

04 Juni 2019, EUR/USD

We're flat

Technical observation

The pair on the hourly chart above is on an upward trend; price rose and penetrated above a resistance zone 1.1223-1.1219 with a big green candle before rising to a resistance line 1.1257 but could not break above it. Currently EUR is trading at the line 1.1257 on an increasing bearish momentum and I expect a correction to the just broken zone followed by a rejection within it for bullish price rally towards 1.1257 and a possible break above it for a further rise in price. Remain flat and wait for a correction to 1.1223-1.1219 and a bounce within it to buy EUR with your take profit at 1.1257 and stop loss at 1.1201.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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