We're long towards 1.2248 | 10 May 2021

10 May 2021, EUR/USD

Technical observation

On the weekly chart above, price is trading with an increasing bullish bias below a resistance line 1.2248, I expect either a loss of this upwards movement at the level mentioned above, or a clear breakout above it with a big green candle. My advice, if you currently long with this pair, remain so with your take profit at 1.2248. If price breaks above the level 1.2248 with a big green candle, wait for a correction to it and a bounce confirming further bullish movements of price before you continue long with this pair. Should price break below the zone 1.1605-1.1571 with a big red candle, you can expect a change in momentum of price towards the key level 1.0826.

Trade recommendation

Remain long with your take profit at 1.2248.

Imelda Maseno
Analyst of «FreshForex» company
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