Wait for a second retracement to buy EUR | 05 May 2022

05 May 2022, EUR/USD

Technical observation

On the hourly chart above price rose above a resistance zone 1.0577-1.0572 with a big green candle and currently it is trading with an increasing bearish bias above the zone I mentioned earlier. My expectation is a continuation of this bearish movement to the same zone followed by a rejection within it to pick long positions with my take profit at 1.0697 and stop-loss at 1.0530. I would however recommend that you wait for a second retracement to the zone mentioned above before you pick long positions. A further surge to the upper side can be expected in case of a clear break above the resistance level 1.0697.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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