Expect a rally towards 1.2252 | 19 April 2021

19 April 2021, EUR/USD

Expect a rally towards 1.2252

Technical observation

For the past two weeks, EUR has been rising tremendously to the upper side, I expect this upwards movement to continue to the resistance line 1.2252 followed by a possible break above it or a rejection at it In case you are bullish with this pair, I would advise you remain so with your take profit at 1.2252 and stop loss at 1.1422, however, if you are currently neutral with EUR, remain so and wait for a minor retracement to the supportive zone 1.1642-1.1588 and a bounce to buy EUR. On the weekly chart above, unless price clearly descends below the zone 1.1642-1.1588, I would advise, you remain hesitant to pick short positions.

Trade recommendation

Remain long with your take profit at 1.2252.

Imelda Maseno
Analyst of «FreshForex» company
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