03 June 2021, EUR/USD
Technical observation
On the 4 hour chart above, price s retracing to a supportive zone it established at 1.2172-1.2162, I expect a loss of this bearish movements within the same zone for a possible rally to the upper side. My advice, remain flat temporarily and wait for a correction to the zone I have mentioned above and buy a bounce within it with your take profit at 1.2341 and stop loss at 1.2111. Should there be no rejection within the zone but a clear breach below it with a big red candle, wait for a correction to it and a bounce confirming bearish movements of price before you pick short positions towards the supportive level 1.1992.
Trade recommendation
Remain flat.
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