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Wait | 04 June 2021

04 June 2021, EUR/USD

Technical observation

On the chart above, price declined and broke below the supportive zone 1.2172-1.2161, it hit the stop loss level I mentioned yesterday and it is still showing signs of declining even further. As it is on the 4 hour chart above, as long as price is contained below the zone 1.2172-1.2161, you can only anticipate a momentum to the lower side. My advice, remain neutral and wait for a correction to the zone 1.2172-1.2161 and a rejection within it confirming possible bearish movements of price before you pick short positions with your take profit at 1.1992 and stop loss at 1.2207. In case of a break below 1.1992, continue short towards 1.1803.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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