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we are flat

we are flat | 31 May 2022

31 May 2022, EUR/USD

we are flat

Technical observation

On the weekly chart above price has been trading with an increasing bullish bias for the past two consecutive weeks and this week I expect a continuation of this upwards movement towards the resistance zone 1.1541-1.1495. My advice, remain flat and wait for a correction to the zone I have indicated above to sell EUR with your take profit at 1.0405 and stop-loss at 1.1884. As long as price is sustained below the zone 1.1541-1.1495 I can only recommend short positions, however, in case of a clear break above the same zone with a big green candle, I expect bullish movements of price towards the level 1.2540.

Trade recommendation

Wait for a correction to the zone 1.1541-1.1495 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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