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Expect a rally towards 1.2111

Expect a rally towards 1.2111 | 06 Mei 2021

06 Mei 2021, EUR/USD

Expect a rally towards 1.2111

Technical observation

EUR pulled back to a supportive zone it established at 1.2007-1.1993 but did not penetrate below it, as long as price is contained above this zone it is still within buyers reach and you can expect a momentum to the upper side, however, in case of a breakout below the same zone, sellers will be in control of the market therefore a momentum to the lower side can be expected. If you bought GBP within the zone mentioned above after a bounce, remain long with your take profit at the resistance line 1.2111 and stop loss at 1.1941. You can anticipate a further momentum to the upper side in case of a clear penetration above 1.2111.

Trade recommendation

Remain long with your take profit at 1.2111

Imelda Maseno
Analyst of «FreshForex» company
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