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Wait | 09 June 2021

09 June 2021, EUR/USD

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Technical observation

On the hourly chart above, price is trading with an increasing bullish bias between a supportive zone 1.2151-1.2149 and a resistance level 1.2207. Despite this bullish movement my expectation is a correction to the zone I have mentioned above followed by a rejection within it to buy EUR, however, price can still rise and penetrate above the key level 1.2207, if this is the case, wait for a retracement to the just broken line and rejection at it confirming possible movements to the upper side before you pick long positions towards the resistance level 1.2259. Right now as it is on the chart above, remaining neutral is ideal than picking any position.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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