We're flat

11 June 2021, EUR/USD

Technical observation

On the weekly chart above, price is trading with an increasing bullish bias below a resistance level 1.2248, I expect either a clear breakout above the level with a big green candle, or a rejection of price at it followed by a correction to the zone 1.1605-1.1571. As it is on the chart above, remaining neutral is ideal than picking any position. In case of a clear break above 1.2248 with a big green candle, I anticipate a further rally to the upper side after a retracement to the just broken line and a rejection of price at it. And should there be a correction to the zone 1.1605-1.1571, buy EUR within it after a bounce; I can only recommend short positions below 1.1605-1.1571.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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