Wait | 16 June 2021

16 June 2021, EUR/USD

Wait

Technical observation

On the weekly chart above, price is trading with an increasing bullish bias below a resistance level 1.2248, I expect a continuation of this upwards movement to the level I have mentioned above followed by a clear penetration above it with a big green candle. If this happens, wait for correction to the just broken level and a bounce at it confirming a possible momentum to the upper side before you pick long positions. However, if price does not break above the level 1.2248 and instead pulls back to the supportive zone it established at 1.1605-1.1571, buy a bounce within it with your take profit at the resistance level 1.2248.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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