We're bullish towards 1.1984

08 April 2021, EUR/USD

We're bullish towards 1.1984

Technical observation

On the hourly chart above, price broke above a zone 1.1874-1.1864, it then retracted to the same zone but as contained above it. Right now price is rally with an increasing bullish bias and I expect this upwards movement to continue to the resistance level 1.1984 followed by a bounce at it and another pullback to the zone mentioned above. If you bought EUR within the zone 1.1874-1.1864 and you are currently long, remain bullish with your take profit at 1.1984 and stop loss at 1.1814. In case of a clear break above the line 1.1984, wait for a correction to it and a bounce before you continue long towards the key level 1.2106.

Trade recommendation

Remain long with your take profit at 1.1984.

Imelda Maseno
Analyst of «FreshForex» company
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