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Remain flat

Remain flat | 04 June 2020

04 June 2020, EUR/USD

Remain flat

Technical observation

EUR went above a resistance zone 1.1041-1.1030 with a big green candle before rallying upwards to the key line 1.1251. My expectation is a retracement to the just broken zone and a bounce within it to confirm a possible buyer’s domination signal. I would advise you remain neutral with this pair and wait for a pullback to the zone 1.1041-1.1030 to pick long positions within it with your take profit at 1.1251 and stop loss at 1.0973. In case EUR penetrates above the line 1.1251 with a big green candle, you can expect further bullish rally towards the level 1.1479 after a correction to the just broken line.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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