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We're long towards 1.2257

We're long towards 1.2257 | 26 July 2021

26 July 2021, EUR/USD

Technical observation

On then weekly chart above, price declined to the supportive zone .1754-1.1715 as I had anticipate but could not break below it, It bounced above the same zone and it is currently trading with an increasing bullish bias. My expectation is a rally to the resistance level 1.2257 followed by either a clear breakout above it with a big green candle or a bounce at it followed by another retracement to the zone 1.1754-1.1715. If price is not sustained above the zone I have mentioned above and instead it penetrates below it with a big red candle, wait for a correction to the broken zone and a rejection within it before you short EUR towards 1.0697.

Trade recommendation

Remain long with your take profit at 1.2257.

Imelda Maseno
Analyst of «FreshForex» company
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