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we are bullish towards 1.2248.

we are bullish towards 1.2248. | 07 May 2021

07 May 2021, EUR/USD

we are bullish towards 1.2248.

Technical observation

In the beginning of the week, I expected the value of this pair to decline towards the trend line indicated on the weekly chart above, however, price changed momentum and is currently trading with an increasing bullish bias. I expect this bullish movement to continue to the resistance level 1.2248 followed by a clear breakout above it with a big green candle. If you are currently bullish with this pair, remain so with your take profit at 1.2248 and stop loss at 1.1916, continue long after a penetration above the level 1.2248. In case of a clear break below the trend line on the chart above, expect a surge towards 1.1605 after a correction to the broken line.

Trade recommendation

Remain long with your take profit at 1.2248.

Imelda Maseno
Analyst of «FreshForex» company
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