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Wait | 05 June 2020

05 June 2020, EUR/USD

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Technical observation

EUR continues to rally steadily with an increasing bullish momentum and this is a clear indication of a bullish dominance of price. I however expect a retracement to the zone 1.1150-1.1131 price penetrated above followed by a bounce within it to pick long positions. My advice, buy a bounce within 1.1150-1.1131 with your take profit at 1.1453 and stop loss at 1.1055. In case there is clear breakout above the line 1.1453 with a big green candle, I expect further bullish price movements of EUR. On the daily chart above, as long as price is contained above 1.1150-1.1131 we can only expect bullish movements of EUR.

Trade recommendation

Wait for a correction to 1.1150-1.1131 to buy EUR.

Imelda Maseno
Analyst of «FreshForex» company
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