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Remain flat

Remain flat | 17 Mei 2022

17 Mei 2022, EUR/USD

Technical observation

Last week the value of the commodity on the weekly chart above declined to the level 1.0442 and closed below it. This week price opened bullish and I expect a continuation of this upwards movement to the level mentioned above followed by a rejection at it to pick short positions with my take profit at 0.9624 and stop loss at 1.0808. In case of a clear break below the supportive level 1.09624, I expect the value of this pair to plummet further to the lower side, on the other hand should there be a clear break above the level 1.0442; you can expect a possible surge to the resistance zone 1.1541-1.1495 after a correction to the broken line.

Trade recommendation

Wait for a correction to the level 1.0442 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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