Wait for a correction to the zone 1.1541-1.1495 | 20 Mei 2022

20 Mei 2022, EUR/USD

Technical observation

On the weekly chart above price bounced at the supportive level 1.0405 and this week it has been trading with an increasing bullish bias. This upwards movement is a correction to the resistance zone price established at 1.1541-1.1495 and I expect a rejection within it to re-sell EUR with my take profit at 1.0405 and stop-loss at 1.1883. In case of a break below the level 1.0405, I expect the value of this pair to plummet further to the lower side, however, should there be a clear break above the zone 1.1541-1.1495, a possible momentum to the upper side can be expected after a pullback to the broken zone and a bounce within it.

Trade recommendation

Wait for a correction to the zone 1.1541-1.1495 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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