Wait | 10 Mei 2022

10 Mei 2022, EUR/USD

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Technical observation

On the weekly chart above price declined below the supportive level 1.0694 with a big red candle and this week it is trading with an increasing bullish bias. This upwards movement is a correction to the just broken line and I expect a bounce of price at it to pick short positions with my take profit at 1.0330 and stop loss at 1.0907. As long as EUR is sustained below the level 1.0694, I can only recommend bearish positions for the pair above; however, in case of a rise above this level, I expect a possible momentum to the upper side after a correction and rejection of price at the same line. Right now as it is on the chart above remaining neutral is ideal than picking any positions.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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